Article - Corporations and Associations
(a) The bylaws may contain any provisions not inconsistent with law or the charter of the corporation for the regulation and management of the affairs of the corporation.
(b) The bylaws may divide the directors of the corporation into classes and specify the term of office of each class.
(c) (1) In this subsection, “facts ascertainable outside the bylaws” include:
(i) An action or determination by any person, including the corporation, its board of directors, an officer or agent of the corporation, and any other person affiliated with the corporation;
(ii) Any agreement or other document; or
(iii) Any other event.
(2) Any provision of the bylaws permitted under subsection (a) of this section may be made dependent upon facts ascertainable outside the bylaws.