The members of the association shall adopt bylaws not inconsistent with law or the articles, and they may alter and amend the same from time to time. Bylaws may be adopted, amended or repealed, at any regular meeting, or at any special meeting called for that purpose, by a majority vote of the members voting thereon. The bylaws may provide for:
(1) the time, place and manner of calling and conducting meetings of the members, and the number of members that shall constitute a quorum;(2) the manner of voting and the condition upon which members may vote at general and special meetings and by mail or by delegates elected by district groups or other associations;(3) subject to any provision thereon in the articles and in this act, the number, qualifications, compensation, duties and terms of office of directors and officers; the time of their election and the mode and manner of giving notice thereof;(4) the time, place and manner for calling and holding meetings of the directors and executive committee, and the number that shall constitute a quorum;(5) rules consistent with law and the articles for the management of the association, the establishment of voting districts, the making of contracts, the issuance, retirement, and transfer of stock, and the relative rights, interests and preferences of members and shareholders;(6) penalties for violations of the bylaws; and(7) such additional provisions as shall be deemed necessary for the carrying out of the purposes of this act.Amended by Chapter 324, 2010 General Session .