The persons forming such corporation may adopt bylaws, and execute and acknowledge them in the same manner as the articles of association above provided for, and such bylaws shall be retained by such corporation. Such bylaws shall prescribe the qualifications of members; the manner in which persons are to become members, or cease to be such; the officers of such corporation; their official titles; their term of office; the manner of their election and removal from office; their official duties; the time and manner of calling and holding meetings; the manner and condition under which personal property and real estate may be acquired, held, and disposed of, and such other bylaws as may be deemed necessary for the management of the affairs of such corporation. Such bylaws shall also prescribe the manner in which they may be altered, amended, or repealed.