§ 15. By-laws. The board of directors shall adopt the first by-laws of
a cooperative to be adopted following an incorporation, conversion,
merger or consolidation. Thereafter the members shall adopt, amend or
repeal the by-laws by the affirmative vote of a majority of those
members voting thereon at a meeting of the members. The by-laws shall
set forth the rights and duties of members and directors and may contain
other provisions for the regulation and management of the affairs of the
cooperative not inconsistent with this chapter or with its articles of
incorporation.