46-5-78. Bylaws of cooperative generally.

The board of directors shall adopt the first bylaws of a cooperative to be adopted following an incorporation, conversion, combined consolidation and conversion, merger, or consolidation. Thereafter, the board of directors shall have the power to alter, amend, or repeal the bylaws, or adopt new bylaws, unless such power is reserved exclusively to the members of the cooperative by this part, the articles of incorporation, or bylaws previously adopted by the members; provided, however, that any bylaws adopted by the board of directors may be altered, amended, or repealed and new bylaws may be adopted by the members. The members may prescribe that any bylaws adopted by them shall not be altered, amended, or repealed by the board of directors. The members may adopt, amend, or repeal the bylaws by the affirmative vote of a majority of those members voting thereon at a meeting of the members. The bylaws shall set forth the rights and duties of members, directors, and shareholders, if any, and may contain other provisions for the regulation and management of the affairs of the cooperative not inconsistent with this part or with its articles of incorporation.