Model Credit Union Bylaws

Every credit union must submit proposed bylaws as part of its licensing process. Bylaws at a minimum define:

  • the credit union’s field of membership
  • the requirements for membership
  • the scope of the credit union’s activities
  • the services a credit union can offer
  • the duties and responsibilities of its officials and operational management

Every regulatory body charged with credit union supervision and regulation should produce model bylaws to help the development of new credit unions. Model bylaws act as a guide for individual credit unions to follow and allow for some standardisation in credit union operations.

A board of directors should formally adopt their proposed bylaws once they are approved by the regulatory authority and they receive their licence or charter. All officials and management of a credit union should be familiar with their particular bylaws.

This guideline goes on to give a recommended outline of what should be contained in model bylaws, section by section.

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