56-231.42 - Bylaws.
§ 56-231.42. Bylaws.
The original bylaws of a cooperative shall be adopted by the members of suchcooperative. Thereafter, such cooperative's board shall adopt, amend, orrepeal the bylaws unless otherwise provided in the articles of incorporationor bylaws, subject to the rights of the members to alter or repeal suchbylaws. The bylaws shall set forth the rights and duties of directors,officers and members and other provisions for the regulation and managementof the affairs of the cooperative not inconsistent with this article, thecooperative's articles of incorporation or other applicable law. The bylawsshall contain provisions relative to the disposition of revenues and receiptsas may be necessary and appropriate to establish and maintain thecooperative's nonprofit character.
(1999, c. 874.)