Florida Regulations 69U-110.0061: Bylaws
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(1) New Credit Unions. Newly organized credit unions shall adopt bylaws in such form as provided by OFR, Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006) which is hereby incorporated by reference, as their initial set of bylaws. The Model Credit Union Bylaws may be obtained from the OFR website (www.flofr.gov) or upon request.
(2) Amendments. All proposed bylaw amendments shall be submitted to OFR by filing Form OFR-U-61-A, Bylaw Amendment (revised 10/2006), which is hereby incorporated by reference. OFR shall approve or disapprove proposed bylaw amendments within 60 days after receipt of a complete application.
(3) To ensure compliance with Florida Statutes § 657.0061(1), a credit union that is proposing to expand its field of membership through a bylaw amendment must:
(a) Be operating in a safe and sound manner per Fl. Admin. Code R. 69U-100.948(2)(a), unless evidence is provided to show that a field of membership expansion will improve the financial condition of the credit union; and,
(b) Complete Form OFR-U-70, Field of Membership Expansion Questionnaire (effective 10/95, revised 10/2006), which is hereby incorporated by reference, when the expansion is geographic or increases the credit union’s potential field of membership by more than five percent; or
(c) Provide to the OFR written notice of the number of potential new members if the field of membership expansion is non-geographic, and the resulting increase is five percent or less than the potential membership.
(4) Relocation. A credit union may change its principal place of doing business upon approval of OFR and filing an amendment on Form OFR-U-61-A, Bylaw Amendment, which is incorporated by reference in subsection (2), to its bylaws. The filing shall include appropriate and sufficient financial information as OFR may require to document the investment in fixed assets.
(5) Adoption of OFR Model Credit Union Bylaws. Any existing credit union may adopt the OFR Model Credit Union Bylaws contained in Form OFR-U-61, which is incorporated by reference in subsection (1), in whole or in part, without prior application or notice to the OFR. However, no credit union shall change its name, the address of its principal place of business, or its field of membership through this process. The credit union shall file its amended bylaws with OFR within 10 business days of such adoption.
(6) Restatement of Bylaws. Any existing credit union may administratively restate its bylaws for clarity correction of typographical errors, and to incorporate, all previously approved bylaw amendments without prior application or notice to the OFR. No additional changes to its bylaws are authorized through the bylaw restatement procedure. The credit union shall file its restated bylaws with OFR within 10 business days of such restatement.
(7) All forms referenced in this rule may be obtained from the Office of Financial Regulation’s website (www.flofr.gov) or by mail by submitting a request to Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented 657.005, 657.0061, 657.008 FS. History-New 7-25-66, Formerly 3-5.10, 3D-10.05, Amended 10-21-75, Formerly 3D-10.06, Amended 10-13-81, Formerly 3C-30.06, 3C-30.006, Amended 10-8-95, Formerly 3C-110.0061, Amended 3-6-07.
Terms Used In Florida Regulations 69U-110.0061
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
(3) To ensure compliance with Florida Statutes § 657.0061(1), a credit union that is proposing to expand its field of membership through a bylaw amendment must:
(a) Be operating in a safe and sound manner per Fl. Admin. Code R. 69U-100.948(2)(a), unless evidence is provided to show that a field of membership expansion will improve the financial condition of the credit union; and,
(b) Complete Form OFR-U-70, Field of Membership Expansion Questionnaire (effective 10/95, revised 10/2006), which is hereby incorporated by reference, when the expansion is geographic or increases the credit union’s potential field of membership by more than five percent; or
(c) Provide to the OFR written notice of the number of potential new members if the field of membership expansion is non-geographic, and the resulting increase is five percent or less than the potential membership.
(4) Relocation. A credit union may change its principal place of doing business upon approval of OFR and filing an amendment on Form OFR-U-61-A, Bylaw Amendment, which is incorporated by reference in subsection (2), to its bylaws. The filing shall include appropriate and sufficient financial information as OFR may require to document the investment in fixed assets.
(5) Adoption of OFR Model Credit Union Bylaws. Any existing credit union may adopt the OFR Model Credit Union Bylaws contained in Form OFR-U-61, which is incorporated by reference in subsection (1), in whole or in part, without prior application or notice to the OFR. However, no credit union shall change its name, the address of its principal place of business, or its field of membership through this process. The credit union shall file its amended bylaws with OFR within 10 business days of such adoption.
(6) Restatement of Bylaws. Any existing credit union may administratively restate its bylaws for clarity correction of typographical errors, and to incorporate, all previously approved bylaw amendments without prior application or notice to the OFR. No additional changes to its bylaws are authorized through the bylaw restatement procedure. The credit union shall file its restated bylaws with OFR within 10 business days of such restatement.
(7) All forms referenced in this rule may be obtained from the Office of Financial Regulation’s website (www.flofr.gov) or by mail by submitting a request to Office of Financial Regulation, Division of Financial Institutions, 200 East Gaines Street, Tallahassee, Florida 32399-0371.
Rulemaking Authority Florida Statutes § 655.012(2). Law Implemented 657.005, 657.0061, 657.008 FS. History-New 7-25-66, Formerly 3-5.10, 3D-10.05, Amended 10-21-75, Formerly 3D-10.06, Amended 10-13-81, Formerly 3C-30.06, 3C-30.006, Amended 10-8-95, Formerly 3C-110.0061, Amended 3-6-07.