§421-8 Bylaws. The members of the association, within thirty days after its incorporation, shall adopt bylaws not inconsistent with law or the articles, and they may alter and amend the same from time to time. The bylaws must be adopted by a majority of the members voting thereon, or if the association permits its members to vote on the basis of patronage, then by a majority of members and majority of the patronage, voting thereon. The bylaws may also provide for:

(1) The time, place, and manner of calling and conducting meetings of the members, and the number of members that shall constitute a quorum;

(2) The manner of voting and the condition upon which members may vote at general and special meetings and by mail or by delegates elected by district groups or other associations, and the voting power of voters based on patronage;

(3) Subject to any provision thereon in the articles and in this chapter, the number, qualifications, compensation, duties, and terms of office of directors and officers; the time of their election and the mode and manner of giving notice thereof;

(4) The time, place, and manner for calling and holding meetings of the directors and executive committee, and the number that shall constitute a quorum;

(5) Rules consistent with law and the articles for the management of the association, the establishment of voting districts, the making of contracts, the issuance, retirement, and transfer of stock, and the relative rights, interests, and preferences of members and shareholders;

(6) Penalties for violation of the bylaws. [L 1949, c 234, pt of §1; RL 1955, §176-9; HRS §421-8]