17-1512.   Bylaws and regulations.Each corporation shall formulate bylaws prescribing the duties of thedirectors and officials; the manner of distributing the profits of itsbusiness; the manner of becoming a member; and such other rules andinstructions to its officials and members as will tend to make thecorporation an effective business organization.

      History:   L. 1913, ch. 137, § 8; R.S. 1923, 17-1512.