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2012 SESSION
12101301DBe 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.
TheA. 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.