Section 12 – Contents of bylaws.

7-9-12. Contents of bylaws.
The bylaws of a credit union shall specify at least the following:

• (1) the name of the credit union;

• (2) the purpose for which the credit union was formed;

• (3) a field of membership of the credit union that complies with Section 7-9-51 or 7-9-53;

• (4) the number of directors and procedures for their election;

• (5) the term of directors;

• (6) whether a credit manager, credit committee, or combination of both shall be responsible for credit functions of the credit union;

• (7) the duties of the officers;

• (8) the time of year of the annual meeting of members;

• (9) the manner in which members shall be notified of meetings;

• (10) the number of members which shall constitute a quorum at meetings;

• (11) the manner of amending;

• (12) the manner in which officers may act as surety; and

• (13) such other matters, rules, and regulations as the board of directors consider necessary.

Amended by Chapter 327, 2003 General Session