The bylaws of the municipal power agency, and any amendments thereto, shall be proposed by the board of directors and shall be adopted by the representatives of the member first and second class municipalities, at a meeting held after notice. Subject to the provisions of the agency agreement, the bylaws shall state: (1) The qualifications of member first and second class municipalities, and limitations upon their number; (2) Conditions of membership; (3) Manner and time of calling regular meetings of representatives of member first and second class municipalities; (4) Manner and conditions of termination of membership; and (5) Other provisions for regulating the affairs of the municipal power agency as the representatives of the member first and second class municipalities shall determine to be necessary.
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