§ 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   (11) The conditions on which deposits may be received and withdrawn; and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.

HISTORY: CA § 6-304; 1980, ch. 33, § 2; ch. 679; 2001, ch. 147, § 1; ch. 148, § 1.