Adoption of first bylaws by directors--Subsequent bylaws adopted by members

The board of directors shall adopt the first bylaws of a cooperative to be adopted following an incorporation, conversion, merger, or consolidation. Thereafter the members shall adopt, amend, or repeal the bylaws by the affirmative vote of a majority of those members voting thereon at a meeting of the members. Source: SL 1947, ch 33, § 8; SDC Supp 1960, § 11.2208.