2016 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-508 Certificate of organization and bylaws
6-508. Certificate of organization and bylaws
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.
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