§ 6-306
174 words·~1 min read·
/md/financial-institutions/6-306A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–306.
(a)The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them.
(b)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(11)The conditions on which deposits may be received and withdrawn; and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.