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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 221 : ORGANIZATION AND MANAGEMENT OF CREDIT UNION

Subchapter 001 : Organization and Commencing Business

(Cite as: 8 V.S.A. § 31108)
  • § 31108. Amendment to articles of incorporation

    (a) The articles of incorporation, or comparable organization document as applicable to the credit union, may be amended as provided in the bylaws. Notwithstanding the provisions of the bylaws, however, written notice of the meeting and text of the proposed amendment shall be given to each director at least seven days prior to the meeting and to each member in accordance with section 31408 of this title.

    (b) The credit union shall file with the Commissioner within ten days after its adoption one copy of any proposed amendment. The credit union shall not amend its articles or comparable organizational document without the written approval of the Commissioner.

    (c) Following the Commissioner's approval of the amendment, the credit union shall submit the amendment to the Secretary of State for filing as required by Title 11B. (Added 2005, No. 16, § 1, eff. July 1, 2005.)