§ 6–306
Statutes in effect as of October 1, 2026.
Md. Code Ann., Fin. Inst. § 6-306 (2026)
Title 6. Credit Unions
Subtitle 3. Formation, Organization, and Powers
§ 6–306LinkCopy Citation
(a)
The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them.
(b)
The bylaws of the credit union shall include:
(1)
The name and purpose of the credit union;
(2)
Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings;
(3)
The number of members that constitute a quorum and provisions that relate to voting;
(4)
A detailed description of the field of membership;
(5)
The qualifications for membership;
(6)
The number of directors on the board and their powers and duties;
(7)
The powers and duties of its credit committee, if any, and supervisory committee;
(8)
The powers and duties of its officers;
(9)
The number of and qualifications for directors emeriti, if any;
(10)
The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal;
(11)
The conditions on which deposits may be received and withdrawn; and
(12)
Provisions for determining and paying dividends on shares and interest on deposits.