Indiana § 28-7-1-7 Amendment of articles

Indiana Statutes

§ 28-7-1-7 — Amendment of articles

Indiana·Art. 7 SPECIALIZED FINANCIAL INSTITUTIONS·Ch. 1 Credit Unions

(a)A credit union may amend its articles of incorporation. An amendment shall be proposed by the board of directors by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders upon approval by the department. If the resolution is to be proposed at the annual meeting, notice of the proposal shall be included in the notice of the annual meeting. If the resolution is to be proposed at a special meeting, the special meeting shall be called by the resolution proposing the amendment, and notice of the meeting shall be given to each member of the credit union not less than five (5) days before the meeting. The notice must state the purpose of the meeting and contain the subject of the proposed amendment.

(b)The proposed a

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(a) A credit union may amend its articles of
incorporation. An amendment shall be proposed by the board of
directors by the adoption of a resolution setting forth the proposed
amendment and directing that it be submitted to a vote of the
shareholders upon approval by the department. If the resolution is to be
proposed at the annual meeting, notice of the proposal shall be
included in the notice of the annual meeting. If the resolution is to be
proposed at a special meeting, the special meeting shall be called by
the resolution proposing the amendment, and notice of the meeting
shall be given to each member of the credit union not less than five (5)
days before the meeting. The notice must state the purpose of the
meeting and contain the subject of the proposed amendment.
(b) The proposed amendment shall be adopted upon receiving the
affirmative votes of at least three-fourths (3/4) of the shareholders
present at the meeting.
(c) Upon the adoption of an amendment to the articles of
incorporation, articles of amendment shall be executed and filed in the
following manner:
(1) The articles of amendment shall be prepared and signed in
triplicate by the president and secretary of the credit union. The
department may approve them in the manner provided in IC 28-12-5.
(2) The amendment, if approved by the department, shall be filed
with the secretary of state. The secretary of state shall keep one
(1) copy of the articles in his office and shall issue a certificate of
amendment to the credit union. The secretary of state shall return
the certificate of amendment with a copy of the articles of
amendment to the credit union and file the other copy of the
articles with the department. A credit union shall not exercise any
power, right, or authority conferred by an amendment until a copy
of the articles has been filed with the recorder of the county in
which the credit union is located.
Formerly: Acts 1961, c.182, s.7. As amended by Acts 1977,
P.L.294, SEC.5; P.L.14-1992, SEC.122; P.L.263-1995, SEC.5.