(a) Incorporated institutions other than mutual savings banks--The shareholders shall have the power to make, alter, amend and repeal the by-laws of an incorporated institution but such authority may be expressly vested by the articles or the by-laws in the board of directors (except as to by-laws fixing the qualifications, classification or terms of office of directors), subject to the power of the shareholders to change such action. Unless the articles or by-laws otherwise provide, the powers hereby conferred shall be exercised by a majority vote of the members of the board of directors, or by the vote of shareholders entitled to cast at least a majority of the votes which all shareholders are entitled to cast thereon, as the case may be, at any regular or special meeting duly convened after notice to the directors or shareholders of that purpose.

(b) Mutual savings banks--The trustees shall have the power to make, alter, amend and repeal the by-laws of a mutual savings bank except as otherwise expressly provided in this act, or in the articles or by-laws of the mutual savings bank. Unless the articles or by-laws otherwise provide, the powers hereby conferred shall be exercised by a majority vote of the trustees at any regular or special meeting of the trustees duly convened after notice to them for that purpose. This subsection (b) shall not affect any other plan for the making of by-laws contained in the articles.

(c) Scope of by-laws--The by-laws of an incorporated institution may contain provisions for the regulation and management of the affairs of the institution not inconsistent with law or its articles.

(d) Filing with department--An incorporated institution shall send to the department a copy of its by-laws and of all changes therein, immediately after every adoption and change of its by-laws.