§ 45-4-1003 — Fiscal year - Special meetings - Voting power - Members may overrule directors - Amendment of bylaws

(a) The credit union fiscal year shall end at the close of business on December 31. (b) Special meetings of the members may be held by order of the board of directors and shall be held on request of ten percent (10%) of the members. (c) At all meetings, a member shall have but one (1) vote, regardless of the number of shares held. (d) No shareholder may vote by proxy, but a society, association, copartnership, or corporation, having membership in the credit union, may be represented by one (1) person, duly authorized by the society, association, copartnership, or corporation to represent it. (e) (1) Amendments of the credit union bylaws may be adopted by the affirmative vote of two-thirds (2/3) of the authorized number of members of the board at any duly held meeting of the board, if the members of the board have been given prior written notice of the meeting and the notice has contained a copy of the proposed amendment or amendments. (2) No amendment of the bylaws of the credit union shall become effective until approved in writing by the commissioner. (f) At any meeting of the membership, the members may decide on any matter of interest to the credit union and may overrule the directors; provided, that the notice of the meeting shall have stated the question to be considered in connection with any prior board action.

Legislative History

Acts 1923, ch. 68, § 10; Shan. Supp., § 2198a15; Code 1932, § 3843; T.C.A. (orig. ed.), § 45-1811; Acts 1980, ch. 559, § 1; 1989, ch. 223, § 9.