Common use of Bylaw Requirements Clause in Contracts

Bylaw Requirements. Each application for membership must be made in writing, with all applications approved becoming a part of the permanent records of the credit union. An applicant shall become a member upon establishing the minimum share and/or deposit balance established by Board policy and meeting eligibility requirements. The Board of Directors shall have the right at any time: to require members and other depositors to give not more than sixty (60) days notice of intention to withdraw the whole or any part of the amounts so paid in by them; prescribe rules regarding withdrawals of share holdings or deposits below the amount of a member’s total indebtedness, either direct or indirect, to the Credit Union; prescribe rules regarding remote withdrawal of shares and/or deposits, in accordance with rules promulgated by the Credit Union; prescribe a fee for each withdrawal above three a month as prescribed by the Board of Directors in written policy; or to prescribe a reasonable minimum amount for each withdrawal.