(1) Persons applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include:
(a) The name of the credit union;
(b) The field of membership of the credit union;
(c) Reasonable qualifications for admission as a member of the credit union, and the procedures for expelling a member;
(d) The number of directors and supervisory committee members, and the length of terms they serve and the permissible term length of any interim director or supervisory committee member;
(e) Any qualification for eligibility to serve on the credit union's board or supervisory committee;
(f) The number of credit union employees that may serve on the board, if any;
(g) The frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board or supervisory committee will be notified of meetings;
(h) The timing of the annual membership meeting;
(i) The manner in which members may call a special membership meeting;
(j) The manner in which members will be notified of membership meetings;
(k) The number of members constituting a quorum at a membership meeting;
(l) Provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and
(m) Any other provision which is not inconsistent with this chapter.
(2) Applicants shall submit the bylaws in duplicate to the director.