Seven or more persons, resident in this state, who have associated themselves by an agreement in writing with the intention of organizing a corporation for the purpose of accumulating and investing the savings of its members and making loans to members for provident purposes, may apply to the commissioner under RSA 383-E:3-304 to become a corporation which complies with the provisions of this chapter. The organizer shall prepare bylaws to govern the credit union. The bylaws shall prescribe the name of the corporation, the purposes for which it was formed, the conditions of residence, occupation, or association which qualify persons for membership, the par value of the paid-in shares, the number of directors, the number of members of the supervisory committee, and the number of members of the credit committee, if such committee is to be established, the duties of the several officers, the fines, if any, which shall be charged for failure to meet obligations to the corporation punctually, the date of the annual meeting of members, the manner in which members shall be notified of meetings, the number of members which shall constitute a quorum at meetings and such other regulations as may seem necessary.
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