1. (a) Unless the certificate of formation or bylaws of a cooperative association require a greater majority, the bylaws may be adopted, amended, or repealed by a majority vote of the cooperative association's members voting on the matter.

2. (b) Except as provided by this code, the bylaws may contain:

   1. (1) requirements for admission to membership;
   2. (2) requirements for disposal of a member's interest on cessation of membership;
   3. (3) the time, place, and manner of calling and conducting meetings;
   4. (4) the number or percentage of the members constituting a quorum;
   5. (5) the number, qualifications, powers, duties, and term of directors and officers;
   6. (6) the method of electing, removing, and filling a vacancy of directors and officers;
   7. (7) the division or classification, if any, of directors to provide for staggered terms;
   8. (8) the compensation, if any, of the directors;
   9. (9) the number of directors necessary to constitute a quorum;
   10. (10) the method for distributing the net savings;
   11. (11) a requirement that each officer or employee of the cooperative association who handles funds or securities be bonded;
   12. (12) other discretionary provisions of this chapter, Title 1, and Chapters 20 and 22; and
   13. (13) any other provision incident to a purpose or activity of the cooperative association.

Acts 2003, 78th Leg., ch. 182, Sec. 1, eff. Jan. 1, 2006.