Arizona Laws 6-508. Certificate of organization and bylaws
A. The deputy director shall prepare standard forms of the certificate of organization and bylaws, consistent with this chapter, which may be used by credit union incorporators.
Terms Used In Arizona Laws 6-508
- Credit union: means a cooperative nonprofit association that is incorporated under this chapter for the purposes of encouraging thrift among its members and creating a source of credit and other financial services at fair and reasonable cost. See Arizona Laws 6-501
- Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
- Organization: means any corporation, association, partnership, society, firm, syndicate, trust or other legal entity. See Arizona Laws 6-501
B. The board of directors may adopt proposed amendments to the certificate of organization at a duly held meeting. The board of directors shall submit the proposed amendments to the members for ratification at a regular or special meeting, after which they shall be submitted to the deputy director for the deputy director’s approval or disapproval. If approved by the deputy director, the board of directors shall follow the procedure for organization prescribed in section 6-507, subsection B.
C. The board of directors may adopt proposed amendments to the bylaws at any duly held meeting by a three-fourths majority vote. After proposed amendments have been approved, the board shall submit the proposed amendments to the deputy director for the deputy director’s approval. The amendments are effective on approval of the deputy director. At the next regular or special meeting of the membership the board shall submit all amendments to the bylaws to the members for ratification.