6.2-1322 - (Effective October 1, 2010) Contents of bylaws; amendments to bylaws generally. - Virginia Statutes

§ 6.2-1322. (Effective October 1, 2010) Contents of bylaws; amendments tobylaws generally.

The bylaws of a credit union shall specify:

1. The name of the credit union;

2. The purpose for which it was formed;

3. The time of the annual meeting of the members of the credit union, or aprovision that the board of directors may set the time for the meeting. Sucha meeting shall be held each calendar year. Notice of all meetings shall begiven in a manner prescribed in the bylaws, subject to compliance with §13.1-842;

4. The number, authority, and the duties of the directors and the authority,duties, and maximum compensation of all officers;

5. The conditions and qualifications for membership;

6. The number of members of the credit committee, if any, and of thesupervisory committee, with their respective authorities and duties;

7. The conditions upon which shares may be issued, transferred, or withdrawn;

8. The conditions upon which loans may be made and repaid;

9. The manner of effecting the forfeiture of a member's shares when amember's share account balance is below the amount established by the bylawsand remains below such amount for a period of two years;

10. The manner in which dividends shall be determined and paid out;

11. The manner in which remaining assets are to be distributed in the eventof dissolution after all distributions required by subdivision A 1 of §13.1-907 have been made; and

12. The manner in which bylaws may be amended.

(Code 1950, § 6-207; 1956, c. 90; 1966, c. 584, § 6.1-198; 1968, c. 560;1980, c. 181; 1983, c. 300; 1990, c. 373, § 6.1-225.15; 2010, c. 794.)