(a) The credit union fiscal year shall end at the close of business on December 31.
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 45-4-1003

  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Person: means an individual, corporation, firm, trust, estate, partnership, joint venture, or association. See Tennessee Code 45-1-103
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(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.
  Previous section
Next section  
 Part 10 Contents