2007 Minnesota Statutes

52.02 BYLAWS AND AMENDMENTS, APPROVAL.
    Subdivision 1. Amendments by members. (a) To amend the certificate of organization or
bylaws, proposed amendments shall be set forth as follows:
(1) if balloting by mail has not been authorized by the board of directors, then a statement
of intent to amend which identifies the proposed amendments shall be set forth in the notice of
the meeting; or
(2) if balloting by mail has been authorized by the board of directors as either the exclusive
means of voting or in conjunction with voting in person, a statement of intent to amend which
identifies the proposed amendments shall be set forth in a notice mailed to all members eligible to
vote at least 30 days prior to the close of balloting by mail. Any amendments to the certificate of
organization or bylaws shall be approved by two-thirds vote of the members actually voting, if the
members actually voting constitute a quorum.
(b) A member receiving notice of a proposed bylaw amendment pursuant to this subdivision
may request a written copy of the proposed bylaw amendment. This request must be made no
later than ten days prior to the close of balloting by mail or the date set for the meeting. The
credit union shall provide the member with a written copy of the proposed bylaw amendment
upon receipt of a timely request and the original notice must inform the member of the right to
make a request. A copy of the proposed amendments shall be posted in the credit union's office
for member review 30 days prior to the close of balloting by mail or the date of the meeting.
    Subd. 2. Bylaw amendments by directors. The members may, pursuant to subdivision 1,
provide for the bylaws to be amended by the board of directors. If the bylaws permit amendment
by the directors, any amendments shall be approved by a two-thirds vote of the total number of
directors authorized. The board of directors shall not adopt, amend, or repeal a bylaw fixing
a quorum for meetings of members, prescribing procedures for removing directors or filling
vacancies in the board, or fixing the number of directors or their classifications, qualifications,
or terms of office, but may adopt or amend a bylaw to increase the number of directors. If three
percent or more of all members propose a resolution for action by the members to adopt, amend,
or repeal bylaws adopted, amended, or repealed by the board and the resolution sets forth the
provisions proposed for adoption, amendment, or repeal, the resolution shall be submitted to the
members for a vote as provided in subdivision 1.
    Subd. 3. Approval. Amendments to the certificate of organization or bylaws, other
than the addition to the field of membership of a small group or a group determined by the
commissioner under section 52.05 to be too small to form its own credit union, must be approved
by the commissioner of commerce before they become operative. The commissioner shall not
unreasonably withhold approval if the amendments do not violate any provision of this chapter
or other state law. In any event, the commissioner shall approve or disapprove the proposed
amendment within 60 days of the date the proposed amendment is submitted to the commissioner
by the credit union. In case of disapproval the credit union shall have the right to appeal to a court
of competent jurisdiction within the time limits stated in section 52.01, clause (6). In case any
amendment to the certificate of organization is adopted, the resolution, containing a full text of
the amendment and verified by its president or treasurer and approved by the commissioner of
commerce, shall be recorded in the Office of the Secretary of State. Upon addition to the field of
membership of a small group or a group determined by the commissioner under section 52.05 to
be too small to form its own credit union, a credit union must provide timely written notice to
the commissioner, and the commissioner shall have 30 days from receipt of the notice to reject
the addition of that group; if the commissioner does not reject the addition within that period, it
is deemed approved.
History: (7774-2) 1925 c 206 s 2; 1933 c 346 s 1; 1949 c 88 s 2; 1961 c 331 s 1; 1971 c 154
s 2; 1976 c 176 s 1; 1976 c 181 s 2; 1982 c 429 s 1; 1983 c 289 s 114 subd 1; 1984 c 655 art 1 s
92; 1Sp1985 c 13 s 185; 1987 c 349 art 1 s 28; 1989 c 127 s 1; 2002 c 339 s 2