§ 451. Proposed bylaws. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: 1. The purposes of the corporation. 2. The qualifications for membership. (a) Membership shall be limited to: (1) persons having a common employer; (2) persons and organizations who are members of the same trade, industry, profession, club, union, society or other association; (3) in the case of a credit union incorporated under this chapter as of the effective date of this subdivision, and with the approval of the superintendent, which approval shall not be given if it would be destructive of competition within a municipality, more than one common employer; provided, however, that an employer group with under three thousand employees may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; (4) with the approval of the superintendent, and subject to the provisions of paragraph (b) of this subdivision, more than one group each of which has, within the group, a common bond of occupation, including a common employer, or association; provided, however, that a group of less than three thousand members, which is within reasonable proximity to the credit union's service area or areas, may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; or (5) persons and organizations within a well-defined local community, neighborhood or rural district and who in the judgment of the superintendent have such a community of interest as will insure proper administration. (b) In considering an application to add a group to a credit union authorized under subparagraph four of paragraph (a) of this subdivision, the superintendent shall not approve the addition unless the group is within reasonable proximity to the credit union's service area or areas. If the group has more than three thousand members, the superintendent shall not approve such addition unless he or she determines that the group could not feasibly or reasonably establish a new single common bond credit union because: (1) the group lacks sufficient volunteer and other resources to support the efficient and effective operation of a credit union; (2) the group does not meet the criteria which the superintendent has determined to be important for the likelihood of success in establishing and managing a new credit union, including demographic characteristics such as geographical location of members, diversity of ages and income levels, and other factors that may affect the financial viability and stability of a credit union; (3) the group would be unlikely to operate a safe and sound credit union; or (4) the group has been transferred from another credit union in connection with a merger or consolidation recommended by a state or federal regulator based on safety and soundness concerns or by the board of the National Credit Union Administration in its capacity as conservator or liquidating agent. (c) With the approval of the superintendent, a credit union may extend membership to persons and organizations in an underserved local community, neighborhood or rural district, where such area is determined by the superintendent to be an "investment area" as defined in the federal Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)) and any other requirements imposed by thesuperintendent, including a requirement that the credit union establish and maintain an office or facility in such area. (d) To the extent not expressly prohibited by the bylaws of the credit union: (1) in each instance where a person is a member or is directly eligible for membership, members of his or her immediate family or household shall be eligible for membership. For the purposes of this subparagraph, "immediate family" means a person's spouse, and their lineal ancestors and descendants, including persons so related by adoption, siblings, stepparents, stepchildren, and stepsiblings; and "household" means persons living in the same residence and maintaining a single economic unit; (2) any employee of the credit union shall be eligible to membership; and (3) any member who leaves the field of membership and who has not withdrawn or been expelled may retain membership. (e) To the extent not expressly prohibited by the bylaws of the credit union, any incorporated or unincorporated organization composed principally of persons eligible to membership in the credit union and the organization's employees shall be eligible to membership in the credit union. (f) Any person who is eligible for membership by reason of the fact that he or she is an employee either of a common employer or of a credit union shall not become ineligible, after the termination of such employment, as long as he or she receives a pension or annuity from, or under, a plan or other arrangement established by such common employer or credit union. (g) The provisions of this subdivision shall not apply to a corporate credit union. 3. The manner of conducting meetings, the method by which members shall be notified of meetings, and the number of members which shall constitute a quorum. 4. The number of directors, which shall be a number not less than five nor more than fifteen. 5. The term of office of directors. 6. The number of directors necessary to constitute a quorum. 7. The time, place and manner of holding the annual and any special meetings of the members of the credit union. 8. The officers to be elected from among the board of directors; their titles, duties and terms of office. 9. Whether one or more loan officers or, in the alternative, a credit committee shall have the responsibility of passing upon the applications of members for loans and the powers and duties of the loan officer or credit committee and the number of members, not less than three, of which the credit committee shall be composed, their term of office, and manner of election or appointment. 10. The powers, duties, term of office and manner of election or appointment of the supervisory committee and the number of members, not less than three, of which it shall be composed. 11. The conditions upon which shares may be issued, paid for, transferred and withdrawn. 12. The fines, if any, which shall be charged for failure punctually to meet obligations to the corporation. 13. The manner in which dividends shall be determined and paid to members. 14. The manner in which the funds of the corporation shall be employed. 15. The conditions upon which loans may be made and repaid.16. The maximum rate of interest that may be charged upon loans. 17. The method of receipting for money paid on account of shares or loans.
§ 451. Proposed bylaws. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: 1. The purposes of the corporation. 2. The qualifications for membership. (a) Membership shall be limited to: (1) persons having a common employer; (2) persons and organizations who are members of the same trade, industry, profession, club, union, society or other association; (3) in the case of a credit union incorporated under this chapter as of the effective date of this subdivision, and with the approval of the superintendent, which approval shall not be given if it would be destructive of competition within a municipality, more than one common employer; provided, however, that an employer group with under three thousand employees may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; (4) with the approval of the superintendent, and subject to the provisions of paragraph (b) of this subdivision, more than one group each of which has, within the group, a common bond of occupation, including a common employer, or association; provided, however, that a group of less than three thousand members, which is within reasonable proximity to the credit union's service area or areas, may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; or (5) persons and organizations within a well-defined local community, neighborhood or rural district and who in the judgment of the superintendent have such a community of interest as will insure proper administration. (b) In considering an application to add a group to a credit union authorized under subparagraph four of paragraph (a) of this subdivision, the superintendent shall not approve the addition unless the group is within reasonable proximity to the credit union's service area or areas. If the group has more than three thousand members, the superintendent shall not approve such addition unless he or she determines that the group could not feasibly or reasonably establish a new single common bond credit union because: (1) the group lacks sufficient volunteer and other resources to support the efficient and effective operation of a credit union; (2) the group does not meet the criteria which the superintendent has determined to be important for the likelihood of success in establishing and managing a new credit union, including demographic characteristics such as geographical location of members, diversity of ages and income levels, and other factors that may affect the financial viability and stability of a credit union; (3) the group would be unlikely to operate a safe and sound credit union; or (4) the group has been transferred from another credit union in connection with a merger or consolidation recommended by a state or federal regulator based on safety and soundness concerns or by the board of the National Credit Union Administration in its capacity as conservator or liquidating agent. (c) With the approval of the superintendent, a credit union may extend membership to persons and organizations in an underserved local community, neighborhood or rural district, where such area is determined by the superintendent to be an "investment area" as defined in the federal Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)) and any other requirements imposed by thesuperintendent, including a requirement that the credit union establish and maintain an office or facility in such area. (d) To the extent not expressly prohibited by the bylaws of the credit union: (1) in each instance where a person is a member or is directly eligible for membership, members of his or her immediate family or household shall be eligible for membership. For the purposes of this subparagraph, "immediate family" means a person's spouse, and their lineal ancestors and descendants, including persons so related by adoption, siblings, stepparents, stepchildren, and stepsiblings; and "household" means persons living in the same residence and maintaining a single economic unit; (2) any employee of the credit union shall be eligible to membership; and (3) any member who leaves the field of membership and who has not withdrawn or been expelled may retain membership. (e) To the extent not expressly prohibited by the bylaws of the credit union, any incorporated or unincorporated organization composed principally of persons eligible to membership in the credit union and the organization's employees shall be eligible to membership in the credit union. (f) Any person who is eligible for membership by reason of the fact that he or she is an employee either of a common employer or of a credit union shall not become ineligible, after the termination of such employment, as long as he or she receives a pension or annuity from, or under, a plan or other arrangement established by such common employer or credit union. (g) The provisions of this subdivision shall not apply to a corporate credit union. 3. The manner of conducting meetings, the method by which members shall be notified of meetings, and the number of members which shall constitute a quorum. 4. The number of directors, which shall be a number not less than five nor more than fifteen. 5. The term of office of directors. 6. The number of directors necessary to constitute a quorum. 7. The time, place and manner of holding the annual and any special meetings of the members of the credit union. 8. The officers to be elected from among the board of directors; their titles, duties and terms of office. 9. Whether one or more loan officers or, in the alternative, a credit committee shall have the responsibility of passing upon the applications of members for loans and the powers and duties of the loan officer or credit committee and the number of members, not less than three, of which the credit committee shall be composed, their term of office, and manner of election or appointment. 10. The powers, duties, term of office and manner of election or appointment of the supervisory committee and the number of members, not less than three, of which it shall be composed. 11. The conditions upon which shares may be issued, paid for, transferred and withdrawn. 12. The fines, if any, which shall be charged for failure punctually to meet obligations to the corporation. 13. The manner in which dividends shall be determined and paid to members. 14. The manner in which the funds of the corporation shall be employed. 15. The conditions upon which loans may be made and repaid.16. The maximum rate of interest that may be charged upon loans. 17. The method of receipting for money paid on account of shares or loans.
§ 451. Proposed bylaws. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed bylaws, in duplicate, which shall prescribe the manner in which the business of the credit union shall be conducted with reference to the following matters: 1. The purposes of the corporation. 2. The qualifications for membership. (a) Membership shall be limited to: (1) persons having a common employer; (2) persons and organizations who are members of the same trade, industry, profession, club, union, society or other association; (3) in the case of a credit union incorporated under this chapter as of the effective date of this subdivision, and with the approval of the superintendent, which approval shall not be given if it would be destructive of competition within a municipality, more than one common employer; provided, however, that an employer group with under three thousand employees may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; (4) with the approval of the superintendent, and subject to the provisions of paragraph (b) of this subdivision, more than one group each of which has, within the group, a common bond of occupation, including a common employer, or association; provided, however, that a group of less than three thousand members, which is within reasonable proximity to the credit union's service area or areas, may be added upon receipt of a notice as provided in subdivision two of section four hundred seventy-eight of this article; or (5) persons and organizations within a well-defined local community, neighborhood or rural district and who in the judgment of the superintendent have such a community of interest as will insure proper administration. (b) In considering an application to add a group to a credit union authorized under subparagraph four of paragraph (a) of this subdivision, the superintendent shall not approve the addition unless the group is within reasonable proximity to the credit union's service area or areas. If the group has more than three thousand members, the superintendent shall not approve such addition unless he or she determines that the group could not feasibly or reasonably establish a new single common bond credit union because: (1) the group lacks sufficient volunteer and other resources to support the efficient and effective operation of a credit union; (2) the group does not meet the criteria which the superintendent has determined to be important for the likelihood of success in establishing and managing a new credit union, including demographic characteristics such as geographical location of members, diversity of ages and income levels, and other factors that may affect the financial viability and stability of a credit union; (3) the group would be unlikely to operate a safe and sound credit union; or (4) the group has been transferred from another credit union in connection with a merger or consolidation recommended by a state or federal regulator based on safety and soundness concerns or by the board of the National Credit Union Administration in its capacity as conservator or liquidating agent. (c) With the approval of the superintendent, a credit union may extend membership to persons and organizations in an underserved local community, neighborhood or rural district, where such area is determined by the superintendent to be an "investment area" as defined in the federal Community Development Banking and Financial Institutions Act of 1994 (12 U.S.C. 4703(16)) and any other requirements imposed by thesuperintendent, including a requirement that the credit union establish and maintain an office or facility in such area. (d) To the extent not expressly prohibited by the bylaws of the credit union: (1) in each instance where a person is a member or is directly eligible for membership, members of his or her immediate family or household shall be eligible for membership. For the purposes of this subparagraph, "immediate family" means a person's spouse, and their lineal ancestors and descendants, including persons so related by adoption, siblings, stepparents, stepchildren, and stepsiblings; and "household" means persons living in the same residence and maintaining a single economic unit; (2) any employee of the credit union shall be eligible to membership; and (3) any member who leaves the field of membership and who has not withdrawn or been expelled may retain membership. (e) To the extent not expressly prohibited by the bylaws of the credit union, any incorporated or unincorporated organization composed principally of persons eligible to membership in the credit union and the organization's employees shall be eligible to membership in the credit union. (f) Any person who is eligible for membership by reason of the fact that he or she is an employee either of a common employer or of a credit union shall not become ineligible, after the termination of such employment, as long as he or she receives a pension or annuity from, or under, a plan or other arrangement established by such common employer or credit union. (g) The provisions of this subdivision shall not apply to a corporate credit union. 3. The manner of conducting meetings, the method by which members shall be notified of meetings, and the number of members which shall constitute a quorum. 4. The number of directors, which shall be a number not less than five nor more than fifteen. 5. The term of office of directors. 6. The number of directors necessary to constitute a quorum. 7. The time, place and manner of holding the annual and any special meetings of the members of the credit union. 8. The officers to be elected from among the board of directors; their titles, duties and terms of office. 9. Whether one or more loan officers or, in the alternative, a credit committee shall have the responsibility of passing upon the applications of members for loans and the powers and duties of the loan officer or credit committee and the number of members, not less than three, of which the credit committee shall be composed, their term of office, and manner of election or appointment. 10. The powers, duties, term of office and manner of election or appointment of the supervisory committee and the number of members, not less than three, of which it shall be composed. 11. The conditions upon which shares may be issued, paid for, transferred and withdrawn. 12. The fines, if any, which shall be charged for failure punctually to meet obligations to the corporation. 13. The manner in which dividends shall be determined and paid to members. 14. The manner in which the funds of the corporation shall be employed. 15. The conditions upon which loans may be made and repaid.16. The maximum rate of interest that may be charged upon loans. 17. The method of receipting for money paid on account of shares or loans.
