1840

LAWS OF MARYLAND

[Ch. 311

(A)   AMENDMENT OF BYLAWS AT ANNUAL MEETING.

AT THE ANNUAL MEETING OF MEMBERS, THEY MAY AMEND THE
BYLAWS IF:

(1)   THE NOTICE OF THE MEETING SPECIFIES THE
AMENDMENT TO BE CONSIDERED; AND

(2)    THE MEMBERS APPROVE THE AMENDMENT BY THE
AFFIRMATIVE VOTE OF 75 PERCENT OF THOSE PRESENT AND
REPRESENTED,

(B)   TIME AMENDMENT OF BYLAWS BECOMES EFFECTIVE.

AN AMENDMENT OF THE BYLAWS DOES NOT BECOME EFFECTIVE
UNTIL THE AMENDMENT IS APPROVED BY THE COMMISSIONER AND A
COPY, FULLY CERTIFIED BY THE COMMISSIONER, IS FILED WITH
THE DEPARTMENT.

REVISOR'S NOTE: This section presently appears as
Art. 11, §137 and a portion of the seventh
sentence of Art. 11, §143. They are combined
here for organizational purposes.

The only changes are in style.

For provisions relating to bylaw amendments to
be voted on by sail ballot, see §6—313 of this
subtitle.

6-313. AMENDMENT OF BYLAWS - MAIL BALLOT.

(A)   RESOLUTION OF THE BOARD OF DIRECTORS.

THE BOARD OF DIRECTORS OF A CREDIT UNION, BY

RESOLUTION ADOPTED AT LEAST 90 DAYS BEFORE A MEETING OF

THE MEMBERS, MAY AUTHORIZE A BYLAW AMENDMENT TO BE VOTED
ON BY MAIL BALLOT OF THE MEMBERS.

(B)   FORM OF BALLOTS.

THE SECRETARY OF THE CREDIT UNION, AT LEAST 20 DAYS
BEFORE THE MEETING OF THE MEMBERS, SHALL MAIL A PRINTED
BALLOT WHICH INDICATES THE OLD BYLAW AND THE PROPOSED
BYLAW TO EACH MEMBER ELIGIBLE TO VOTE.

(C)   APPROVAL OF AMENDMENT.

(1)    FOR ADOPTION, THE AMENDMENT REQUIRES THE
APPROVAL OF 75 PERCENT OF THE BALLOTS TIMELY RECEIVED
FROM THE MEMBERS ELIGIBLE TO VOTE.

(2)     TO BE RECEIVED TIMELY, EACH BALLOT
RETURNED TO THE CREDIT UNION SHALL BE POSTMARKED NOT