(1) INITIAL BYLAWS. The incorporators, members or board of a corporation shall adopt the initial bylaws for the corporation. (2) SUBSEQUENT ADOPTION, AMENDMENT AND REPEAL. After the adoption of the initial bylaws under sub. (1), bylaws may be adopted either by the members or the board, but no bylaw adopted by the members shall be amended or repealed by the directors, unless the bylaws adopted by the members shall have conferred such authority upon the directors. Any bylaw adopted by the board is subject to amendment or repeal by the members as well as by the directors. (3) CONTENT OF BYLAWS. The bylaws of a corporation may contain any provision for regulating and managing the affairs of the corporation that is not inconsistent with its articles of incorporation or with the laws of this state.
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