Section 4-30-109 - Bylaws(a) Each corporation shall formulate bylaws prescribing the duties of the directors and officials, the manner of distributing the profits of its business, the manner of becoming a member, and such other rules and instructions to its officials and members as will tend to make the corporation an effective business organization.(b) Any association formed under this chapter may pass bylaws to govern itself in the carrying out of the provisions of this chapter which are not inconsistent with the provisions of this chapter.Acts 1921, No. 632, §§ 9, 13; Pope's Dig., §§ 2269, 2274; A.S.A. 1947, §§ 64-1510, 64-1514.