The Arizona Revised Statutes have been updated to include the revised sections from the 54th Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 55th Legislature, 1st Regular Session, which convenes in January 2021.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. The superintendent shall prepare standard forms of the certificate of organization and bylaws, consistent with this chapter, which 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 superintendent for his approval or disapproval. If approved by the superintendent, 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 superintendent for his approval. The amendments are effective on approval of the superintendent. At the next regular or special meeting of the membership the board shall submit all amendments to the bylaws to the members for ratification.