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District of Columbia Code Division V. Local Business Affairs § 26-502.04. Amendment of charter and bylaws.

Current as of January 01, 2024 | Updated by FindLaw Staff

(a) The charter may be amended by the members at any regular or special meeting if the call of the meeting includes the proposed amendment and a quorum of members and at least 2/3 of the board of directors are present at the meeting. The amendment shall be approved by at least 2/3 of the members present and voting.

(b) The bylaws may be amended by a 2/3 vote of the board of directors at any regular or special meeting if the call of the meeting includes the proposed amendment and a quorum is present.

(c)(1) Amendments to the charter and any other amendments prescribed by the Commissioner by rule shall be submitted to the Commissioner. The Commissioner shall have the power to disapprove the proposed amendments within 30 days of submission. The amendment shall be deemed approved if the Commissioner does not disapprove the proposed amendment within 60 days after receiving it.

(2) If the Commissioner disapproves the proposed amendment, the District credit union may appeal the decision to the District of Columbia Court of Appeals in accordance with § 2-510.

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Cite this article: FindLaw.com - District of Columbia Code Division V. Local Business Affairs § 26-502.04. Amendment of charter and bylaws. - last updated January 01, 2024 | https://codes.findlaw.com/dc/division-v-local-business-affairs/dc-code-sect-26-502-04/

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