(a) Unless the bylaws require the presence of a greater percentage or number of the members for a quorum, a quorum for the transaction of business at all meetings of the members of a cooperative shall be:
(1) 5% of all members, present in person, of a cooperative that has not more than 1,000 members; and
(2) Fifty members, present in person, of a cooperative that has more than 1,000 members.
(b) If less than a quorum is present at any meeting, a majority of those present in person may adjourn the meeting from time to time without further notice.