Bylaws of association — Quorum, voting, directors, penalties.

The bylaws may provide:

(1) The number of members constituting a quorum.

(2) The right of members to vote by proxy or by mail or both, and the conditions, manner, form and effects of such votes; the right of members to cumulate their votes and the prohibition, if desired, of cumulative voting.

(3) The number of directors constituting a quorum.

(4) The qualifications, compensation and duties and term of office of directors and officers and the time of their election.

(5) Penalties for violations of the bylaws.

[1959 c 312 § 15.]