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2012 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 6.2-1323 of the Code of Virginia is amended and reenacted as follows:
§ 6.2-1323. Amendments to articles of incorporation and bylaws.
The A. Subject to the provisions of subsection B and
§§ 13.1-886, 13.1-892, and 13.1-893, the articles of incorporation or
the bylaws of a credit union may be amended as provided in the articles and
bylaws, as the case may be, subject to §§ 13.1-886,
13.1-892, and 13.1-893. Amendments to the articles of
incorporation shall be accomplished as provided in §§ 13.1-888 and
13.1-889. Proposed
B. If proposed amendments to the articles of
incorporation or bylaws include an amendment to expand the field of
membership of a credit union, then the amendments shall be submitted to the
Commissioner, who shall approve or disapprove proposed amendments
them within 30 days. A bylaw amendment shall be
effective upon its approval by the Commissioner.
No amendment amendments to the articles of incorporation or
bylaws that would include an amendment to expand the field of
membership of a credit union shall be effective
until such amendment has been approved by the Commissioner. When any
such change in bylaws or articles of
incorporation is proposed, the Commissioner,
who may extend the period for approval as he may deem necessary for as
much as an additional 30 days.