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EXHIBIT 3.2
 BYLAWS
 OF
 CHS INC.
 (Effective May 3, 2005)
 ARTICLE I.  Membership
 Section 1  Qualifications .
 Section 2  Classes of Members .
 Cooperative Association Members .
 Individual Members .
 Defined Members .
 Section 3  Defined Members and Defined Business Units .
 Defined Business Units .




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Delivery Rights and Obligations .
 Defined Member Boards .
 Section 4  Termination of Membership .
       2




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ARTICLE II.  Meetings of Members
 Section 1  Annual and Special Meetings .
 Section 2  Notice of Meetings .
 Section 3  Voting Power .
 Cooperative Association Members .
   3




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Individual Members and Defined Members .
 4




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Patrons Associations .
     5




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Section 4  Manner of Voting .
     6




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Section 5  Quorum and Registration .
    7




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ARTICLE III.  Directors
 Section 1  Board of Directors .
 8




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Section 2  Director Qualifications .
        Section 3  Election of Directors .
   Region Number 1
 Region Number 2
 Region Number 3
 9




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Region Number 4
 Region Number 5
 Region Number 6
 Region Number 7
 Region Number 8
    10




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Section 4  Vacancies .
 Section 5  Meetings .
 Section 6  Quorum and Voting .
 Section 7  Action Without Meeting .
 Section 8  Borrowings .
 ARTICLE IV.  Duties of Directors
 Section 1  General Powers .
 11




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Section 2  Bonds and Insurance .
 Section 3  Accounting System and Audit .
 Section 4  Depository .
 ARTICLE V.  Officers
 Section 1  Election of Officers .
 Section 2  Chairman .
 12




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Section 3  Vice Chairmen .
 Section 4  Chief Executive Officer .
 Section 5  President and General Manager .
 Section 6  Vice Presidents .
 Section 7  Secretary .
 Section 8  Treasurer .
 13




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ARTICLE VI.  Indemnification and Insurance
 Section 1  Indemnification .
 Section 2  Insurance .
 14




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ARTICLE VII.  Method of Operation  Patronage Refunds
 Section 1  Cooperative Operation .
  Section 2  Patrons; Patronage Business; Nonpatronage Business .
    Section 3 Establishment of Allocation Units .
 15




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Section 4  Determination of the Patronage Income or Loss of an Allocation Unit .
 Section 5  Allocation of Patronage Income Within Allocation Units .
 Section 6  Treatment of Patronage Losses of an Allocation Unit .
 Methods for Handling Patronage Losses .
  16




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Allocation of Net Loss Among Patrons of Loss Unit .
 Restoration of Net Loss out of Future Net Income .
 Board Discretion .
 No Assessments against Members or Nonmember Patrons .
 Section 7  Distribution of Net Income .
 Patronage Refunds .
 17




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Form of Patronage Refunds .
 Capital Equity Certificates
 Certificates of Indebtedness
 Non-Patronage Earnings Certificates
 Preferred Capital Certificates
 Written Notices of Allocation .
 No Voting Rights .
 Transfer Restriction .
 18




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Board Authority to Allow Conversion .
 Revolvement Discretionary .
 Section 8  Capital Reserve .
     Section 9  Allocation and Distribution of Nonpatronage Income and Loss .
 Nonpatronage Income .
 Nonpatronage Loss .
 19




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Section 10  Defined Business Unit Retentions .
   ARTICLE VIII.  Consent
 Section 1  Consent .
 20




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Section 2  Consent Notification to Members and Prospective Members .
 Section 3  Consent of Nonmember Patrons .
 ARTICLE IX.  Merger or Consolidation; Dissolution
 Section 1  Merger or Consolidation .
 Section 2  Liquidation, Dissolution and Winding-Up .
 21




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ARTICLE X.  Seal
  ARTICLE XI.  Amendments
  22