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Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

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  370.030.  Bylaws, contents. — At the time of filing the certificate with the director of the division of credit unions, the organizers shall submit, in triplicate, sets of bylaws with acknowledgment of their adoption by the organizers which shall provide:

  (1) For the annual meeting, which shall take place no later than one hundred eighty days following the close of the fiscal year, the manner of notification of meetings and the conduct of the same, the number of members constituting a quorum and regulations as to voting;

  (2) The number of directors, which shall not be less than five, all of whom must be members, their powers and duties, together with the duties of officers elected by the board of directors;

  (3)  The qualifications for membership;

  (4)  The number of members of the credit committee and of the supervisory committee, if elected or appointed, which shall not be less than three each, their terms of office, together with their respective powers and duties;

  (5)  The conditions under which shares may be issued, transferred and withdrawn, loans made and repaid, and the funds otherwise invested;

  (6)  The charges, if any, which shall be made for failure to meet obligations punctually, whether or not the credit union shall have the power to borrow, the method of receipting for money, the manner of accumulating a reserve fund and determining a dividend.

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(RSMo 1939 § 5521, A.L. 1941 p. 331, A.L. 1945 p. 689, A.L. 1945 p. 718, A. 1949 H.B. 2091, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962)

Prior revision: 1929 § 5079


---- end of effective   28 Aug 1984 ----

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