(a) Unless the bylaws require the presence of a greater percentage or number of the members for a quorum, a quorum for the transaction of business at all meetings of the members of a cooperative shall be:
(1) For a cooperative that has not more than 1,000 members, 5% of all members attending the meeting; and
(2) For a cooperative that has more than 1,000 members, 50 members attending the meeting.
(b) If less than a quorum is present at any meeting, a majority of those in attendance may adjourn the meeting from time to time without further notice.