Any health care facility capable of entering into a binding contract may participate as a member of the corporation if the health care facility:
(1) Is approved by the appropriate state licensing agency having regulatory control over the facility; and
(2) Is accepted as a member by majority vote of the corporation's board of directors.
The corporation and all health care facilities approved and accepted for membership shall enter into contracts which shall govern their respective rights and obligations and which shall be adopted and may be altered, amended, or repealed by majority vote of the board of directors of the corporation. The board of directors of the corporation may terminate the membership and the contract of any health care facility for any cause deemed proper by it at any time by a majority vote. Such member may be reinstated by a majority vote of the board of directors.