The Vermont Statutes Online

Title 8 : Banking and Insurance

Chapter 221 : Organization and Management of Credit Union

Subchapter 002 : BYLAWS AND NAME

• § 31201. Bylaws; amendment of bylaws

  (a) The organizers applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include at least the following:

  (1) the name of the credit union, which name shall comply with the requirements of section 31202 of this title;

  (2) the field of membership of the credit union and the qualifications for membership;

  (3) the par value of shares;

  (4) the number of directors, supervisory committee members, and advisory directors, if applicable, the length of terms they serve, and the permissible term length of any interim director or supervisory committee member and procedures for election or appointment;

  (5) any qualification for eligibility to serve on the credit union’s governing body or supervisory committee;

  (6) the frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board and supervisory committee are to be notified of meetings;

  (7) the powers and duties of board officers;

  (8) the manner in which a credit committee, credit manager, loan officer, or any combination thereof shall be responsible for the credit functions of the credit union;

  (9) the timing and manner of conducting the annual membership meeting and the provisions for voting;

  (10) the manner in which members may call a special membership meeting;

  (11) the manner in which members are to be notified of membership meetings;

  (12) the number of members constituting a quorum at a membership meeting;

  (13) conditions for payment on, receipt of, or withdrawal of shares and deposits;

  (14) provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and

  (15) any other provision that is not inconsistent with this chapter and such other matters as the governing board deems necessary.

  (b) The bylaws may be amended as provided in the bylaws. Written notice of the meeting and text of the proposed amendment, or a summary of the proposed amendment with a notice that a copy of the proposed amendment is available upon request, shall be hand-delivered or mailed to each director at least seven business days prior to any directors’ meeting to approve such amendment and shall be given to each member in the manner set forth in section 31408 of this title. Notice to a director may be given electronically if the director has specifically requested or consented to electronic notification of meetings.

  (c) The credit union shall file with the Commissioner, within 10 days after its adoption, one copy of any proposed amendment. Any amendment to the bylaws of a credit union shall become effective only upon the written approval of the Commissioner. (Added 2005, No. 16, § 1, eff. July 1, 2005.)