6-508

6-508. Certificate of organization and
bylaws

A. The superintendent shall prepare standard forms of the certificate of
organization and bylaws, consistent with this chapter, which may be used by credit union
incorporators.

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 superintendent for his approval or disapproval. If
approved by the superintendent, 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 superintendent for his
approval. The amendments are effective on approval of the superintendent. At the next
regular or special meeting of the membership the board shall submit all amendments to the
bylaws to the members for ratification.