(a)  The director, or the director’s designee, shall promulgate regulations that prescribe the form and content of the credit union’s bylaws that shall, if not contrary to state law, reflect the guidelines of the federal credit union model bylaws and amendment provisions.

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Terms Used In Rhode Island General Laws 19-5-4

  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.

(b)  No credit union seeking formation shall operate until the time the director, or the director’s designee, has approved the bylaws. Amendments to the bylaws shall not be operative until approved by the director, or the director’s designee. Any credit union aggrieved by the decision of the director, or the director’s designee, shall have the right to appeal pursuant to chapter 35 of Title 42.

History of Section.
P.L. 1995, ch. 82, § 43.