Section 58-12-4 - Corporation organization and bylaws. - New Mexico Statutes

58-12-4. Corporation organization and bylaws.

A.     Except as otherwise provided, each delegate shall have one vote in the election of directors and in voting in any matter legally coming before a meeting. However, delegates shall not vote by proxy nor shall any one delegate represent more than one member.   

B.     A quorum shall consist of a majority of the delegates entitled to vote, or eleven delegates, whichever is less.   

C.     Subject to the approval of the commissioner and any applicable supervisory agency, the delegates may make such bylaws as they deem necessary to carry out the provisions of the Credit Union Share Insurance Corporation Act [58-12-1 NMSA 1978].   

D.     Subject to Section 58-12-6 NMSA 1978, bylaws may be amended or repealed if thirty days' written notice is given to all members containing the time and place of the meeting and if the proposed amendment or repeal is approved by a vote of two-thirds of the delegates present and voting at the meeting.