§ 23-37-307 - Bylaws. - Arkansas Statutes

23-37-307. Bylaws.

In addition to any provisions which may be adopted by the incorporators and approved by the Supervisor of Savings and Loan Associations, the bylaws of every association shall provide:

(1) For an annual meeting of the membership of the association, or of the owners of permanent capital stock, for the purpose of electing directors;

(2) For not fewer than five (5) nor more than twenty-one (21) members of the board of directors;

(3) For not less than ten (10) days' written notice to all members, or holders of permanent capital stock, of any special meeting of the association; provided, no notice of an annual meeting of an association shall be required;

(4) For a term of office not to exceed one (1) year for each member of the board of directors; and

(5) For the amendment of the bylaws, with the approval of the supervisor, by a majority of the members present, or holders of permanent capital stock, at any annual or special meeting of the association.