Section 6-306 - Adoption and contents of bylaws. - Maryland Statutes

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(11) The conditions on which deposits may be received and withdrawn; and 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