Section 1, subdivision 1, requires that when three percent or more of members propose changes to state credit union bylaws it must be submitted to members for a vote in the prescribed manner.
Subdivision 2 provides that the bylaws and certificate of organization may be amended by a two-thirds vote of directors authorized at a duly convened meeting of the board, provided that members have 30-day notice of the meeting and have copy of the proposed amendment.
Section 2 provides a definition of “cause” for purposes of expulsion of members from the credit union. Eliminates current language related to establishment of nonparticipation policy.
Section 3 repeals a rule prohibiting more than 50 percent of total reserves of the credit union being invested in credit union premises or leasehold investments unless the commissioner approves.
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