(a) The credit unions that adopt the articles of incorporation under § 45-4-1201 shall also subscribe and submit to the commissioner for approval the initial bylaws under which the corporation shall operate.

Terms Used In Tennessee Code 45-4-1206

  • Commissioner: means the commissioner of financial institutions. See Tennessee Code 45-1-103
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(b) The bylaws may be amended at any regular meeting of the directors, or at a special meeting of the directors called for that purpose by vote of two-thirds (2/3) of the entire board.
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