530.72. In addition to the powers provided for in section 181, the board of directors may, by by-law,(1) set up the committees necessary for the pursuit of its objects;
(2) determine the composition, functions, duties and powers of the committees and their operating procedures, internal management rules and financing;
(3) determine the mode of appointment, qualifications, functions, duties and powers and the terms of office of committee members and the dismissal procedure.