(a) Unless the certificate of formation or bylaws of a cooperative association require a greater majority, the bylaws may be adopted, amended, or repealed by a majority vote of the cooperative association's members voting on the matter.
(b) Except as provided by this code, the bylaws may contain:
(1) requirements for admission to membership;
(2) requirements for disposal of a member's interest on cessation of membership;
(3) the time, place, and manner of calling and conducting meetings;
(4) the number or percentage of the members constituting a quorum;
(5) the number, qualifications, powers, duties, and term of directors and officers;
(6) the method of electing, removing, and filling a vacancy of directors and officers;
(7) the division or classification, if any, of directors to provide for staggered terms;
(8) the compensation, if any, of the directors;
(9) the number of directors necessary to constitute a quorum;
(10) the method for distributing the net savings;
(11) a requirement that each officer or employee of the cooperative association who handles funds or securities be bonded;
(12) other discretionary provisions of this chapter, Title 1, and Chapters 20 and 22; and
(13) any other provision incident to a purpose or activity of the cooperative association.