§ 478 — Amendment of bylaws; approval of superintendent

§ 478. Amendment of bylaws; approval of superintendent. 1. The bylaws\nof a credit union may be changed or amended by a vote of a majority of\nthe total number of directors which a credit union would have if there\nwere no vacancies present at any meeting; provided the proposed change\nor amendment shall have first had the approval of the superintendent,\nexcept as provided in subdivision two of this section; and provided\nfurther, that notice of such meeting, with notice of the proposed change\nor amendment, shall have been given to each director as prescribed in\nthe bylaws and provided, further, that any amendment, or change in a\nbylaw affecting the manner or method by which a shareholders' meeting\nmay be convened, the voting rights of the shareholders, or a decrease in\nthe number of directors of the credit union shall also require the\napproval of a majority of the shareholders present at a meeting of the\nshareholders. A copy of any change or amendment thus adopted shall be\nfiled in the office of the superintendent within thirty days after its\nadoption.\n 2. Notwithstanding the provisions of subdivision one of this section,\na credit union may change or amend its bylaws to add a group of less\nthan three thousand members upon receiving a notice of no objection from\nthe superintendent. Within ten business days of receiving such proposed\nchange or amendment, the superintendent shall either send a notice of no\nobjection, notify the credit union that the proposed change or amendment\nis denied, or notify the credit union that additional review is\nnecessary; provided, however, that if additional review is necessary,\nthe superintendent shall notify the credit union of his or her final\ndecision within no more than twenty-five business days of receiving such\nproposed change or amendment.\n 3. Any credit union deeming itself aggrieved by the refusal of the\nsuperintendent to give his or her approval to a proposed change or\namendment may apply to any justice of the supreme court of the district\nwherein the credit union is located, upon notice to the superintendent,\nfor a review of such decision. Such justice shall review the decision of\nthe superintendent and may overrule or set aside the action of the\nsuperintendent and approve such change or amendment. An approval thus\nobtained shall enable such credit union to make the change or amendment\nas approved.\n