The articles of association and the bylaws of any association created under the provisions of sections 383.010 to 383.040 shall:

(1) Specify and define the types of assessments, including but not limited to initial, regular, operating, special, any other assessment to cover losses and expenses incurred in the operation of the association, or any other assessment to maintain or restore the association’s assets, solvency, or surplus;

(2) Specify by type of assessment the assessments that shall apply to members, former members, or both members and former members of the association; and

(3) With respect to any assessment to cover losses and expenses incurred in the operation of the association and any assessment to maintain or restore the association’s assets, solvency, or surplus specify:

(a) The exact method and criteria by which the amounts of each type of assessment are to be determined;

(b) The time in which the assessments must be paid;

(c) That such assessments shall be made without limitation as to frequency;

(d) The maximum amount of any single assessment; and

(e) How such assessments apply to members and former members.