§ 26–502.03. Form of charter statement and bylaws.

(a) The bylaws shall include the following provisions:

(1) The name of the District credit union;

(2) The field of membership of the District credit union;

(3) Qualifications for membership in the District credit union, including the minimum number of shares, the payment of an entrance or membership fee, if any, required for membership, and the policies for expelling a member;

(4) The number of directors, the length of terms a director may serve, and the permissible term length of any interim director;

(5) The qualifications for eligibility to serve on the District credit union's board;

(6) The number of District credit union employees that may serve on the board, if any;

(7) The frequency of regular meetings of the board and the manner in which members of the board are to be notified of those meetings;

(8) The powers and duties of board officers;

(9) The timing of the annual membership meeting;

(10) The manner in which vacancies shall be filled, which shall be either until a successor is elected at the next membership meeting or for the remainder of the unexpired term;

(11) The manner in which members may call a special membership meeting;

(12) The manner in which members are to be notified of membership meetings;

(13) The number of members constituting a quorum at a membership meeting and at a meeting of the board of directors;

(14) Provisions, if any, for the indemnification of directors, officers, employees, and others by the District credit union, if not included in the articles of incorporation; and

(15) Any other provision required by the Commissioner by rule.

(b) The Commissioner may provide a model District credit union charter statement and model District credit union bylaws consistent with this subchapter, which may be used by District credit union organizers in preparing a District credit union charter application.