17-5220.   Amendment of bylaws; appeal from commissioner's disapproval. The bylaws of an association may be amended at any time by a two-thirdsaffirmative vote of the board of directors, or by a majority vote of themembers of the association present in person or by proxy: Provided,That no such amendment to the bylaws shall be effective unless and untilthe commissioner has given his written approval to such amendment, unlessthe commissioner shall fail either to approve or disapprove any suchamendment within a period of sixty days from the time such amendment issubmitted to the commissioner for approval, in which event the amendmentshall become effective as of the expiration of such sixty-day period:Provided further, That the bylaws may be amended changing the day orhour of the annual meeting of members without the consent of thecommissioner if at least ten days' written notice of such change of date ortime of meeting shall have been sent to each member at his last knownaddress appearing on the books of the association. No amendment changingthe duties, powers or terms of the directors, or changing the rights,privileges, powers, duties and liabilities of the shareholders, orestablishing a new class of shares shall be effective until approved by amajority vote of the members present at a meeting. If the commissionershall disapprove any proposed bylaw amendment, the association may appealfrom such action to the savings and loan board and if said board shallapprove the amendment, the same shall become effective.

      History:   L. 1943, ch. 133, § 21; July 1.