47-22-33. Adoption of initial bylaws--Amendment of bylaws--Permissible contents of bylaws.

The initial bylaws of a corporation shall be adopted by its board of directors. The power to alter, amend, or repeal the bylaws or adopt new bylaws shall be vested in the board of directors unless otherwise provided in the articles of incorporation or the bylaws. The bylaws may contain any provisions for the regulation and management of the affairs of a corporation not inconsistent with law or the articles of incorporation.

Source: SDC 1939, §§ 11.1407, 11.1501, 11.1502; SL 1965, ch 24, § 13.