§ 6-320. Amendments to articles of incorporation
West's Annotated Code of MarylandFinancial Institutions
MD Code, Financial Institutions, § 6-320
§ 6-320. Amendments to articles of incorporation
(a)(1) The board may amend the articles of incorporation only if the members approve the amendment.
1. The manner or method by which a meeting of the members can be convened;
2. Quorum requirements for a meeting of the members;
3. The voting rights of members;
4. Except as provided in § 6-303(b) of this subtitle, any change in the field of membership;
5. Requirements for the number, classifications, qualifications, and term of office for directors;
6. Procedures for removing directors;
7. Procedures for filling vacancies on the board; and
8. Any other issue as determined by the Commissioner.
(b) At any meeting of the members, the members may amend the articles of incorporation or, may approve an amendment to the bylaws as provided in subsection (a)(2)(ii) of this section, if:
(c)(1) An amendment to the articles of incorporation does not become effective until:
(2) Whether approved only by the board or by the members as required under subsection (a)(2)(ii) of this section, an amendment to the bylaws does not become effective until the amendment is approved by the Commissioner in writing no later than 60 days after the date of submission of the proposed amendment, unless the Commissioner and the credit union agree to a longer period of time.
(d) The action of the Commissioner on the proposed amendment to the articles of incorporation or the bylaws under subsection (c)(1)(i) or (2) of this section shall be based on a finding as to whether or not the proposed amendment:
Credits
Added as Financial Institutions § 6-222 by Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1989, c. 802; Acts 1996, c. 326, § 2, eff. July 1, 1996. Renumbered as Financial Institutions § 6-320 and amended by Acts 2001, c. 147, § 1, eff. Oct. 1, 2001; Acts 2001, c. 148, § 1, eff. Oct. 1, 2001.
MD Code, Financial Institutions, § 6-320, MD FIN INST § 6-320
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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