7-9-11 - Bylaws and amendments to be approved. - Utah Statutes

7-9-11. Bylaws and amendments to be approved.
(1) A credit union may not receive payments on shares, deposits, or certificates, or makeany loans or other transactions, until its bylaws have been approved in writing by thecommissioner.
(2) An amendment to a credit union's bylaws does not become operative until theamendment to the bylaws is approved by the commissioner.
(3) (a) If the amendment to the bylaws of a credit union expands the field of membershipof a credit union as described in Subsection 7-9-52(1), the commissioner's approval of theamendment is subject to Section 7-9-52.
(b) If the bylaws or an amendment to the bylaws of a credit union adds an association tothe field of membership of the credit union, the commissioner may require that the credit unionprovide written confirmation from the association that the association has agreed to be served bythe credit union.

Amended by Chapter 327, 2003 General Session