CODE OF VIRGINIA

CONTENTS OF BYLAWS; AMENDMENTS TO BYLAWS GENERALLY (§ 6.2-1322)

The bylaws of a credit union shall specify:

   1.  The name of the credit union;

   2.  The purpose for which it was formed;

   3.  The time of the annual meeting of the members of the credit union, or a
   provision that the board of directors may set the time for the meeting. Such a
   meeting shall be held each calendar year. Notice of all meetings shall be
   given in a manner prescribed in the bylaws, subject to compliance with §
   13.1-842;

   4.  The number, authority, and the duties of the directors and the authority,
   duties, and maximum compensation of all officers;

   5.  The conditions and qualifications for membership;

   6.  The number of members of the credit committee, if any, and of the
   supervisory committee, with their respective authorities and duties;

   7.  The conditions upon which shares may be issued, transferred, or withdrawn;

   8.  The conditions upon which loans may be made and repaid;

   9.  The manner of effecting the forfeiture of a member’s shares when a
   member’s share account balance is below the amount established by the
   bylaws and remains below such amount for a period of two years;

   10.  The manner in which dividends shall be determined and paid out;

   11.  The manner in which remaining assets are to be distributed in the event
   of dissolution after all distributions required by subdivision A 1 of §
   13.1-907 have been made; and

   12.  The manner in which bylaws may be amended.

HISTORY: Code 1950, § 6-207; 1956, c. 90; 1966, c. 584, § 6.1-198; 1968, c.
560; 1980, c. 181; 1983, c. 300; 1990, c. 373, § 6.1-225.15; 2010, c. 794.