Within thirty days after the corporate existence of an association begins, or within such additional time as the director of the division of finance may allow, the directors of the association shall hold an organization meeting at which time they shall elect officers, adopt the bylaws, and take such other action as is appropriate. The bylaws may contain provisions for the regulation and management of the affairs of the association not inconsistent with law or the articles of incorporation. The board of directors may adopt, alter, amend and repeal the bylaws subject to the power of the members of a mutual association or stockholder of a capital stock association to change such action at any meeting of members, but no change by the members or stockholders shall affect any action taken prior thereto. The director of the division of finance shall be notified of any amendment to the bylaws within ten days after adoption by the board of directors and no amendment shall become effective until approved by the director of the division of finance. Failure to disapprove within twenty days shall constitute approval.