Section 5-611 - Bylaws.
§ 5-611. Bylaws.
(a) Initial bylaws.- The board of directors shall adopt the initial bylaws of a cooperative after an incorporation, conversion, merger, or consolidation.
(b) Amendment or repeal of bylaws.- After adoption of the initial bylaws, the members shall adopt, amend, or repeal the bylaws by the affirmative vote of a majority of the members voting on the matter at a meeting of the members.
(c) Contents of bylaws.- The bylaws:
(1) Shall state the rights and duties of members and directors; and
(2) May contain other provisions for the regulation and management of the affairs of the cooperative that are consistent with this subtitle and the articles of incorporation.
[2002, ch. 135, § 3.]