§ 28-7-1-4 — Bylaws; contents

(a) The bylaws, as provided in section 3 of this
chapter, with acknowledgment of their adoption by the incorporators
or board of directors, must provide at least the following:
(1) That the board of directors shall annually establish a date for
the annual meeting. The bylaws shall prescribe the manner of
notifying the members of meetings, the manner of conducting the
meetings, and the number of members constituting a quorum,
which shall in no case be less than fifteen (15) members.
(2) The number of directors of the corporation, which shall not be
less than five (5), all of whom shall be members.
(3) The powers and duties of the directors.
(4) The duties of the officers who are elected by the board of
directors.
(5) The number of members of the supervisory committee, which
shall not be less than three (3), together with their respective
powers and duties.
(6) The terms under which shares may be issued, transferred, and
withdrawn and loans may be made and repaid.
(7) Any other provisions consistent with this chapter.
(b) The bylaws must prescribe procedures which ensure that all
credit union members have an opportunity to vote, either in person or
by absentee ballot, at any meeting of the shareholders. A member may
not vote by proxy. A member, other than a natural person, may vote
through an agent designated for that purpose. An agent may not
represent more than one (1) entity.
(c) This section does not prevent a credit union from having more
restrictive provisions in its bylaws than are required by this chapter.
Formerly: Acts 1961, c.182, s.4; Acts 1969, c.133, s.1. As
amended by Acts 1977, P.L.294, SEC.4; P.L.270-1983, SEC.2;
P.L.52-1985, SEC.7; P.L.171-1986, SEC.1; P.L.263-1995,
SEC.4.