1. (a) The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them.

2. (b) The bylaws of the credit union shall include:

   1. (1) The name and purpose of the credit union;
   2. (2) Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings;
   3. (3) The number of members that constitute a quorum and provisions that relate to voting;
   4. (4) A detailed description of the field of membership;
   5. (5) The qualifications for membership;
   6. (6) The number of directors on the board and their powers and duties;
   7. (7) The powers and duties of its credit committee, if any, and supervisory committee;
   8. (8) The powers and duties of its officers;
   9. (9) The number of and qualifications for directors emeriti, if any;
   10. (10) The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal;
   11. (11) The conditions on which deposits may be received and withdrawn; and
   12. (12) Provisions for determining and paying dividends on shares and interest on deposits.

Added as Financial Institutions § 6-203 by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1980, c. 679. Renumbered as Financial Institutions § 6-306 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.