Rhode Island Code of Regulations › Title 230 - Department of Business Regulation › Chapter 40 - Banking › Subchapter 05 - Financial Institutions and Credit Unions › Part 4 - Credit Union General Provisions (230-RICR-40-05-4) › Section 230-RICR-40-05-4.5 - Provisions

Current through June 14, 2024
A. By-Laws.
1. Credit union by-laws and any amendment to
				  a credit union by-laws require the approval of the Director. Model by-law
				  provisions permitted pursuant the Federal Credit Union Act are generally
				  allowed and will be approved unless inconsistent with Rhode Island law. This
				  regulation establishes the procedures and policies of the Division of Banking
				  relating to credit union by-law content and form.
2. Each credit union proposing to amend or
				  change its by laws, should review any proposed amendment with the Division of
				  Banking prior to submitting such an amendment to its membership or board of
				  directors for approval. Each proposed amendment submitted to the Director shall
				  be submitted to the membership or the board of directors at a meeting at which
				  the proposed amendment is duly before the membership or the board of directors
				  for consideration. The submission to the Director for approval of amendment(s)
				  to credit union by-laws must include at least:
a. One (1) set of existing by-laws before the
				  proposed amendment(s);
b. One (1)
				  set of the amended section(s), with the proposed amendment(s) clearly
				  identified;
c. A statement of
				  purpose for each proposed amendment along with a summary explanation for each
				  amendment being required;
d. A copy
				  of the dated notice, signed by the Secretary or comparable officer of the
				  credit union, of either:
(1) The meeting of
				  the members, if applicable, which clearly states that an amendment to the
				  by-laws will be considered; or
(2)
				  The meeting of the board of directors, if applicable, which clearly states that
				  an amendment to the by-laws will be considered;
e. A copy of the newspaper publication, if
				  required by the by-laws, including the dates of publication;
f. Evidence of compliance with any applicable
				  notice of meeting provisions in the credit union's by-laws;
g. A copy of the minutes of the membership or
				  board of director meeting, whichever is applicable, evidencing:
(1) the existence of a quorum;
(2) the actual motion(s) made;
(3) the action taken on the proposed
				  amendment(s), demonstrating an affirmative vote by at least three-fourths of
				  the members present at the meeting or an affirmative vote by at least
				  two-thirds of the authorized number of members of the board, whichever is
				  applicable; and
(4) a detailed
				  discussion of the proposed amendment(s) or a certification by the Secretary or
				  comparable officer of the credit union that the proposed amendment(s) were
				  available for distribution to all credit union or board members, whichever is
				  applicable, for their review.
h. Such other information that the Director
				  shall request.
3.
				  Proposals submitted to the Director to amend by-laws will be approved or
				  disapproved within sixty (60) days of a completed submission. The Division of
				  Banking will, upon request by the credit union, notify the credit union
				  proposing by-law amendment(s) as to the date of completion of the submission
				  under consideration.
4. Upon
				  approval, within thirty (30) days, the credit union must submit a revised copy
				  of the by-laws, which incorporates the changes as approved by the Director and
				  the date of such approval.