# Financial Institutions (GFI)

## Title 6. Credit Unions

### Subtitle 3. Formation, Organization, and Powers

#### Section 6-306

(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  (11) The conditions on which deposits may be received and withdrawn; and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.

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Md. Code Ann., Fin. Inst. (as displayed at mgaleg.maryland.gov, October 16, 2026)