53-4-9: Contents of by-laws [bylaws].

The by-laws [bylaws] may, within the limitations set forth herein provide for:

A. the method and terms of admission to membership and the disposal of members' interests on cessation of membership for any reason;

B. the time, place and manner of calling and conducting meetings;

C. the number or percentage of the members constituting a quorum;

D. the number, qualifications, powers, duties, term of office, and manner, time and vote for election, of directors and officers; and the classification, if any, of directors;

E. the compensation, if any, of the directors, and the number of directors necessary to constitute a quorum;

F. the method of distributing the net savings;

G. the various discretionary provisions herein as well as other provisions incident to the purposes and activities of the association.