Md. Code, Financial Institutions § 6-306
Md. Code, Financial Institutions § 6-306
in effect(a) The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them.
(b) The bylaws of the credit union shall include:
(1) The name and purpose of the credit union;
(2) Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings;
(3) The number of members that constitute a quorum and provisions that relate to voting;
(4) A detailed description of the field of membership;
(5) The qualifications for membership;
(6) The number of directors on the board and their powers and duties;
(7) The powers and duties of its credit committee, if any, and supervisory committee;
(8) The powers and duties of its officers;
(9) The number of and qualifications for directors emeriti, if any;
(10) The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal;
(11) The conditions on which deposits may be received and withdrawn; and
(12) Provisions for determining and paying dividends on shares and interest on deposits.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gfi§ion=6-306&enactments=falseFetched: 10/17/2026