6.1-226.4 - (Repealed effective October 1, 2010) Contents of corporation bylaws; amendments thereto. - Virginia Statutes

§ 6.1-226.4. (Repealed effective October 1, 2010) Contents of corporationbylaws; amendments thereto.

The bylaws of the corporation shall specify:

(1) The requirements for membership including contributions to loss reserve,and for the revocation of membership.

(2) The date of the annual meeting.

(3) The number of directors, which shall not be less than five.

(4) The conditions upon which loans to member credit unions may be made.

(5) The manner in which remaining assets are to be distributed in the eventof dissolution after all distributions required by subdivisions 1 through 3of subsection A of § 13.1-907 of the Virginia Nonstock Corporation Act havebeen made.

(6) The manner and terms upon which reinsurance of shares may be obtained.

(7) The conditions upon which contributions to loss reserve may be refundedwhen membership is terminated.

Bylaws so filed and approved by the Commission shall be the bylaws of thecorporation, and no amendments thereto by the corporation shall be operativeunless the same shall conform to the provisions of this chapter and beapproved by the Commission.

Bylaws may be amended by the Commission by an order entered on its order bookand certified to the corporation; but before any such order is entered, theCommission shall notify the corporation of the proposed amendment and affordit an opportunity to be heard thereon.

(1974, c. 587; 1985, c. 365.)