(a) The incorporators or board of directors of a corporation shall adopt initial bylaws for the corporation.

(b) The bylaws of a corporation may contain any provisions for managing the business and regulating the affairs of the corporation that are not inconsistent with law or the articles of incorporation, and may be stored or depicted in any tangible or electronic medium. (Added 1993, No. 85, § 2, eff. Jan. 1, 1994; amended 2009, No. 78 (Adj. Sess.), § 38, eff. April 15, 2010.)