6-508. Certificate of organization and bylaws

A. The deputy director shall prepare standard forms of the certificate of organization and bylaws that are consistent with this chapter and that 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 deputy director for the deputy director's approval or disapproval. If approved by the deputy director, 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 deputy director for the deputy director's approval. Within ten business days after receiving a completed proposed amendment request, the deputy director shall submit an acknowledgment of receipt or request additional information.  The deputy director shall make a decision within thirty business days after the date that the acknowledgment of receipt is submitted to the credit union.  For good cause shown, the deputy director may extend the response time. The amendments are effective on approval of the deputy director. At the next regular or special meeting of the membership, the board shall submit all amendments to the bylaws to the members for ratification.