7-9-11. Bylaws and amendments to be approved.
(1) A credit union may not receive payments on shares, deposits, or certificates, or make
any loans or other transactions, until its bylaws have been approved in writing by the
commissioner.
(2) An amendment to a credit union's bylaws does not become operative until the
amendment to the bylaws is approved by the commissioner.
(3) (a) If the amendment to the bylaws of a credit union expands the field of membership
of a credit union as described in Subsection 7-9-52(1), the commissioner's approval of the
amendment is subject to Section 7-9-52.
(b) If the bylaws or an amendment to the bylaws of a credit union adds an association to
the field of membership of the credit union, the commissioner may require that the credit union
provide written confirmation from the association that the association has agreed to be served by
the credit union.
Amended by Chapter 327, 2003 General Session
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Last revised: Thursday, May 28, 2009