The bylaws may provide:
(1) The number of members constituting a quorum.
(2) The right of members to vote by proxy or by mail or both, and the conditions, manner, form and effects of such votes; the right of members to cumulate their votes and the prohibition, if desired, of cumulative voting.
(3) The number of directors constituting a quorum.
(4) The qualifications, compensation and duties and term of office of directors and officers and the time of their election.
(5) Penalties for violations of the bylaws.
[ 1959 c 312 § 15.]