Section 6-306 - Adoption and contents of bylaws.
§ 6-306. Adoption and contents of bylaws.
(a) Adoption.- The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them.
(b) Contents.- The bylaws of the credit union shall include:
(1) The name and purpose of the credit union;
(2) Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings;
(3) The number of members that constitute a quorum and provisions that relate to voting;
(4) A detailed description of the field of membership;
(5) The qualifications for membership;
(6) The number of directors on the board and their powers and duties;
(7) The powers and duties of its credit committee, if any, and supervisory committee;
(8) The powers and duties of its officers;
(9) The number of and qualifications for directors emeriti, if any;
(10) The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal;
(11) The conditions on which deposits may be received and withdrawn; and
(12) Provisions for determining and paying dividends on shares and interest on deposits.
[CA § 6-304; 1980, ch. 33, § 2; ch. 679; 2001, ch. 147, § 1; ch. 148, § 1.]