§ 27-1-6-19 — Bylaws; procedure for adoption

(a) If the articles of incorporation provide for
the adoption of the bylaws by the shareholders, members, or
policyholders, the incorporators or a majority of them after the issuance
of the certificate of authority, shall call a meeting of the shareholders,
members, or policyholders for the purpose of adopting the bylaws,
giving at least ten (10) days' notice by mail to each shareholder,
member, or policyholder entitled to vote at the time and place of such
meeting, unless the giving of such notice be waived in writing by any
or all of such shareholders, members, or policyholders, in which case
notice shall be given only to such shareholders, members, or
policyholders who have not so waived such notice. Such shareholders,
members, or policyholders shall meet at the time and place designated
and shall adopt the bylaws. After the adoption of such bylaws, the
directors named in the articles of incorporation as the first board of
directors shall meet at the call of a majority thereof and shall elect
officers and transact such other business as may properly come before
such board.
(b) If the articles of incorporation do not provide for the adoption of
the bylaws by the shareholders, members, or policyholders, then, after
the issuance of the certificate of authority, the directors named in the
articles as the first board of directors shall meet at the call of a majority
thereof, adopt the bylaws, elect officers, and transact such other
business as may properly come before such board.
Formerly: Acts 1935, c.162, s.78. As amended by P.L.252-1985,
SEC.24.