Sec. 7. (a) A credit union may amend its articles of incorporation. An amendment shall be proposed by the board of directors by the adoption of a resolution setting forth the proposed amendment and directing that it be submitted to a vote of the shareholders upon approval by the department. If the resolution is to be proposed at the annual meeting, notice of the proposal shall be included in the notice of the annual meeting. If the resolution is to be proposed at a special meeting, the special meeting shall be called by the resolution proposing the amendment, and notice of the meeting shall be given to each member of the credit union not less than five (5) days before the meeting. The notice must state the purpose of the meeting and contain the subject of the proposed amendment.
(b) The proposed amendment shall be adopted upon receiving the affirmative votes of at least three-fourths (3/4) of the shareholders present at the meeting.
(c) Upon the adoption of an amendment to the articles of incorporation, articles of amendment shall be executed and filed in the following manner:
(1) The articles of amendment shall be prepared and signed in triplicate by the president and secretary of the credit union. The department may approve them in the manner provided in IC 28-12-5.
(2) The amendment, if approved by the department, shall be filed with the secretary of state. The secretary of state shall keep one (1) copy of the articles in his office and shall issue a certificate of amendment to the credit union. The secretary of state shall return the certificate of amendment with a copy of the articles of amendment to the credit union and file the other copy of the articles with the department. A credit union shall not exercise any power, right, or authority conferred by an amendment until a copy of the articles has been filed with the recorder of the county in which the credit union is located.
Formerly: Acts 1961, c.182, s.7. As amended by Acts 1977, P.L.294, SEC.5; P.L.14-1992, SEC.122; P.L.263-1995, SEC.5.
Structure Indiana Code
Title 28. Financial Institutions
Article 7. Specialized Financial Institutions
28-7-1-0.1. Application of Certain Amendments to Chapter
28-7-1-1. Persons Authorized to Organize; Application; Articles of Incorporation
28-7-1-3. Bylaws; Requirement to Commence Business; Form
28-7-1-7. Amendment of Articles
28-7-1-8. Unauthorized Use of Name "Credit Union"; Violations
28-7-1-9. Powers; Investments; Maintenance of Files; Authority to Purchase and Hold Life Insurance
28-7-1-9.1. Sale of Life Insurance Policy or Annuity Contract; Prohibitions
28-7-1-9.2. Request to Exercise Rights and Privileges Granted to Federal Credit Unions; Appeal
28-7-1-10. Membership; Identification; Qualified Groups; Membership Cards
28-7-1-10.1. Illegal Members; Purging of Accounts; Loans Not Affected
28-7-1-10.6. Issuing Shares in a Revocable or Irrevocable Trust; Conditions
28-7-1-14. Fiscal Year; Membership Meetings; Voting Rights
28-7-1-16.5. Conflicts of Interest; Disqualification; Directors; Committee Members
28-7-1-18. Duties and Powers of Supervisory Committee; Audits; Meeting Minutes
28-7-1-20.1. Issuance of Shares; Joint Tenancy; Deposits, Investments, and Withdrawals by Minors
28-7-1-22. Authority to Borrow; Limits; Authority to Receive Public Deposits and Pledge Securities
28-7-1-23. Loans to Members; Purposes; Repayment Plans; Direct Deposit
28-7-1-26.5. Refusal to Make Payment From Account
28-7-1-28. Change of Place of Business
28-7-1-31.3. Credit Union Officials; Discharge of Duties; Indemnification
28-7-1-31.5. Insurance; Examinations
28-7-1-35. Effect of Amendments by Acts 1974, p.l.130
28-7-1-37. Withdrawal of Deposits
28-7-1-38. Requirement to Provide Property Tax Information in Certain Transactions