(a) The incorporators or board of directors of a corporation shall adopt initial bylaws for the corporation.
(b) The bylaws may contain any provision for regulating and managing the affairs of the corporation that is not inconsistent with law or the articles of incorporation.
(c) If bylaws are not adopted:
(i) An annual meeting shall be held within three (3) months after the close of the corporation's fiscal year;
(ii) The required officers shall be the president, the secretary and the treasurer; and (iii) Bylaws may be adopted at any director or member meeting.