Within forty (40) days after the filing of a copy of the Articles of Association in the proper county office, as prescribed in Section 4 of this act, a call, signed by not less than a majority of the directors, shall be issued for a meeting of the members. At such meeting, or any adjourned session or sessions thereof, bylaws, regulating the conduct and management of the association shall be adopted. Such bylaws shall, within the limitations of this act, prescribe:

1. (a) The time, place and manner of calling and holding meetings;
2. (b) The number and qualification of members, the conditions under which membership shall be granted and terminated, rules governing the exercise of the privileges of membership and the issuance, transfer and cancellation of membership certificates, and the manner of ascertaining the interests of members in the assets, if any, in the possession of the association;
3. (c) The number of directors, the time and manner of their election and removal, their powers and duties, the number not less than a majority, necessary to the exercise of their powers, and their compensation, if any;
4. (d) The officers, their terms of office, the time and manner of their appointment and removal, their powers and duties, and their compensation, if any;
5. (e) The manner of fixing and collecting the fees, dues and other assessments or charges for services to its members;
6. (f) The manner and method of amending the bylaws, such amendments to be adopted at the annual meeting or any other meeting of members called for that purpose;
7. (g) Any other provision proper and necessary to carry out the purposes for which the association was formed.

Laws 1917, c. 22, p. 66, § 12; Laws 1923, c. 181, p. 314, § 12.