6.2-1334 - (Effective October 1, 2010) Contents of corporation bylaws; amendments thereto. - Virginia Statutes

§ 6.2-1334. (Effective October 1, 2010) Contents of corporation bylaws;amendments thereto.

A. The bylaws of a 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 event ofdissolution after all distributions required by subdivisions A 1 through A 3of § 13.1-907 of the Virginia Nonstock Corporation Act have been made;

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

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

B. Bylaws filed with and approved by the Commission shall be the bylaws ofthe corporation, and no amendments thereto by the corporation shall beoperative unless they conform to the provisions of this article and areapproved by the Commission.

C. Bylaws may be amended by the Commission by an order entered on its orderbook and certified to the corporation. 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, § 6.1-226.4; 1985, c. 365; 2010, c. 794.)