§ 19-5-4 - Contents of by-laws. - Rhode Island Statutes

SECTION 19-5-4

   § 19-5-4  Contents of by-laws. – (a) The director or his or her designee shall promulgate regulations thatprescribe the form and content of the credit union's by-laws which shall, ifnot contrary to state law, reflect the guidelines of the federal credit unionmodel by-laws and amendment provisions.

   (b) No credit union seeking formation shall operate until thetime the director or the director's designee has approved the by-laws.Amendments to the by-laws shall not be operative until approved by the directoror the director's designee. Any credit union aggrieved by the decision of thedirector or the director's designee shall have the right to appeal pursuant tochapter 35 of title 42.