47-21-18. Adoption of first bylaws by directors--Subsequent bylaws adopted by members. The board of directors shall adopt the first bylaws of a cooperative to be adopted following an incorporation, conversion, merger, or consolidation. Thereafter the members shall adopt, amend, or repeal the bylaws by the affirmative vote of a majority of those members voting thereon at a meeting of the members.
Source: SL 1947, ch 33, § 8; SDC Supp 1960, § 11.2208.
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