(1) Persons applying for the organization of a credit union shall adopt bylaws that prescribe the manner in which the business of the credit union shall be conducted. The bylaws shall include: (a) The name of the credit union; (b) The field of membership of the credit union; (c) Reasonable qualifications for admission as a member of the credit union, and the procedures for expelling a member; (d) The number of directors and supervisory committee members, and the length of terms they serve and the permissible term length of any interim director or supervisory committee member; (e) Any qualification for eligibility to serve on the credit union's board or supervisory committee; (f) The number of credit union employees that may serve on the board, if any; (g) The frequency of regular meetings of the board and the supervisory committee, and the manner in which members of the board or supervisory committee will be notified of meetings; (h) The timing of the annual membership meeting; (i) The manner in which members may call a special membership meeting; (j) The manner in which members will be notified of membership meetings; (k) The number of members constituting a quorum at a membership meeting; (l) Provisions, if any, for the indemnification of directors, supervisory committee members, officers, employees, and others by the credit union, if not included in the articles of incorporation; and (m) Any other provision which is not inconsistent with this chapter. (2) Applicants shall submit the bylaws in duplicate to the director.
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