Okla. Stat. tit. 18, § 18-441-304: Bylaws

BYLAWS.

(a) Bylaws must be in a record and, if not stated in the

articles of organization, must include:

(1) A statement of the capital structure of the limited

cooperative association, including:

(A) the classes or other types of members’ interests and

relative rights, preferences, and restrictions granted

to or imposed upon each class or other type of

member’s interest; and

(B) the rights to share in profits or distributions of the

association;

(2) A statement of the method for admission of members;

(3) A statement designating voting and other governance rights,

including which members have voting power and any restriction on

voting power;

(4) A statement that a member’s interest is transferable if it

is to be transferable and a statement of the conditions upon which

it may be transferred;

(5) A statement concerning the manner in which profits and

losses are allocated and distributions are made among patron members

and, if investor members are authorized, the manner in which profits

and losses are allocated and how distributions are made among

investor members and between patron members and investor members;

(6) A statement concerning:

(A) whether persons that are not members but conduct

business with the association may be permitted to

share in allocations of profits and losses and receive

distributions; and

(B) the manner in which profits and losses are allocated

and distributions are made with respect to those

persons; and

(7) A statement of the number and terms of directors or the

method by which the number and terms are determined.

(b) Subject to subsection (c) of Section 13 of this act and the

articles of organization, bylaws may contain any other provision for

managing and regulating the affairs of the association.

(c) In addition to amendments permitted under Article 4 of the

Uniform Limited Cooperative Association Act of 2009, the initial

board of directors may amend the bylaws by a majority vote of the

directors at any time before the admission of members.