370.030. Bylaws, contents. - Missouri Statutes

Bylaws, contents.

370.030. At the time of filing the certificate with thedirector of the division of credit unions, the organizers shallsubmit, in triplicate, sets of bylaws with acknowledgment oftheir adoption by the organizers which shall provide:

(1) For the annual meeting, which shall take place no laterthan one hundred eighty days following the close of the fiscalyear, the manner of notification of meetings and the conduct ofthe same, the number of members constituting a quorum andregulations as to voting;

(2) The number of directors, which shall not be less thanfive, all of whom must be members, their powers and duties,together with the duties of officers elected by the board ofdirectors;

(3) The qualifications for membership;

(4) The number of members of the credit committee and of thesupervisory committee, if elected or appointed, which shall notbe less than three each, their terms of office, together withtheir respective powers and duties;

(5) The conditions under which shares may be issued,transferred and withdrawn, loans made and repaid, and the fundsotherwise invested;

(6) The charges, if any, which shall be made for failure tomeet obligations punctually, whether or not the credit unionshall have the power to borrow, the method of receipting formoney, the manner of accumulating a reserve fund and determininga dividend.

(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962)

Prior revision: 1929 § 5079