§ 6-306

Maryland § 6-306

• Jurisdiction: Maryland
• Article gfi: Financial Institutions
• Title: 6

Text

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

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

(1) The name and purpose of the credit union;

(2) Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings;

(3) The number of members that constitute a quorum and provisions that relate to voting;

(4) A detailed description of the field of membership;

(5) The qualifications for membership;

(6) The number of directors on the board and their powers and duties;

(7) The powers and duties of its credit committee, if any, and supervisory committee;

(8) The powers and duties of its officers;

(9) The number of and qualifications for directors emeriti, if any;

(10) The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal;

(11) The conditions on which deposits may be received and withdrawn; and

(12) Provisions for determining and paying dividends on shares and interest on deposits.