The members of any society organized under the provisions of sections 262.290 to 262.540 shall be composed of such persons, and none others, as shall have subscribed their names as such in the books in which the proceedings of the society and of the board of directors are or shall be recorded, and shall have paid annually to the treasurer of the society such sum, not exceeding one hundred and fifty dollars per share of stock in any one year, as may be established by the rules, bylaws and regulations of the society as a membership fee, and such persons shall be members only for the year for which they shall have paid such fee; or, if the bylaws, rules, and regulations of the society allow, a member may volunteer his time to the society in lieu of paying all or part of the fee established under this section. Any person or stockholder not paying the regular annual membership fee adopted by the board shall forfeit to the society all stock and all previous payments, whether for stock or membership.