(a) The board: (1) By resolution may authorize an amendment to the bylaws or articles of incorporation to be voted on by mail ballot; and (2) Shall establish a sequence of dates by which the voting procedures are initiated and completed. (b) The secretary of the credit union shall mail to each member in good standing: (1) A printed ballot; (2) A copy of any old bylaw or article of incorporation affected by the proposed amendment; and (3) A copy of the proposed bylaw or article of incorporation. (c) (1) The amendment is adopted only if approved by two-thirds of the mail ballots timely received from the members in good standing and voting. (2) The credit union shall report the results of the mail ballot to the credit union members.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.