A corporation may adopt bylaws for the proper management of its affairs, and may establish regulations controlling the assignment and transfer of its shares. The first set of bylaws shall be adopted at the meeting of the incorporators, as provided in § 727 of this title, but thereafter the power to make, alter or repeal bylaws shall be in the stockholders, provided that any corporation may, in the certificate of incorporation, confer that power upon the directors.
38 Del. Laws, c. 94, § 12; Code 1935, § 2381; 5 Del. C. 1953, § 741; 50 Del. Laws, c. 381, § 1.
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