32-2-807. Bylaws. (1) The bylaws must be in conformity with the provisions of this chapter and must be open to inspection by the members at the principal place of business during regular business hours.

(2) The bylaws, among other things, must provide for:

(a) the character and method of conducting the business of the mutual association, with rules governing the addition of members and the amount of the membership fee;

(b) the annual meeting of the members;

(c) the annual election and qualification of directors and the term or period during which the directors shall serve;

(d) the appointment of officers;

(e) the adoption, ratification, and amendment of the bylaws, which may be made either by the members or by the board of directors;

(f) the method of voting at the annual meeting; and

(g) the periodic investigation of the business and condition of the mutual association.

(3) The bylaws and any change or amendment of the bylaws are not effective until first reviewed and approved by the department, and a mutual association may not commence the transaction of business until after the bylaws have been reviewed and approved by the department.