Sec. 221.027.  BYLAWS.  (a)  The board of directors shall adopt a development corporation's initial bylaws and may amend or repeal the bylaws or adopt new bylaws.  The bylaws and each amendment and repeal of the bylaws must be approved by the sponsoring entity's governing body by resolution.
(b)  The bylaws may contain any provision for the regulation and management of the development corporation's affairs consistent with law and the articles of incorporation.
Acts 1989, 71st Leg., ch. 678, Sec. 1, eff. Sept. 1, 1989.