Virginia Code 6.2-1322: Contents of bylaws; amendments to bylaws generally.
The bylaws of a credit union shall specify:
Terms Used In Virginia Code 6.2-1322
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Credit union: means a cooperative, nonprofit corporation organized under the laws of the Commonwealth and authorized to do business under this chapter for the purposes of encouraging thrift among its members, creating a source of credit at fair and reasonable rates of interest, providing an opportunity for its members to use and control their own money on a democratic basis in order to improve their economic and social condition, and conducting any other business, engaging in any other activity, and providing any other service that may be of benefit to its members, consistent with the provisions of this chapter and any regulations adopted by the Commission under this chapter. See Virginia Code 6.2-1300
- Share account: means a balance held by a credit union and established by a member in accordance with standards specified by the credit union, including balances designated as shares, share certificates, share draft accounts, or other names. See Virginia Code 6.2-1300
- Shares: means the interest of a member having an account in a credit union. See Virginia Code 6.2-1300
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 The conditions upon which shares may be issued, transferred, or withdrawn;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.
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.