7-9-12. Contents of bylaws.
The bylaws of a credit union shall specify at least the following:
(1) the name of the credit union;
(2) the purpose for which the credit union was formed;
(3) a field of membership of the credit union that complies with Sectionor; 7-9-51 7-9-53
(4) the number of directors and procedures for their election;
(5) the term of directors;
(6) whether a credit manager, credit committee, or combination of both shall be responsible for credit functions of the credit union;
(7) the duties of the officers;
(8) the time of year of the annual meeting of members;
(9) the manner in which members shall be notified of meetings;
(10) the number of members which shall constitute a quorum at meetings;
(11) the manner of amending;
(12) the manner in which officers may act as surety; and
(13) such other matters, rules, and regulations as the board of directors consider necessary.