(a) The incorporators shall adopt bylaws for the credit union and shall sign and acknowledge two copies of them. (b) The bylaws of the credit union shall include: (1) The name and purpose of the credit union; (2) Provisions for annual and special meetings of members and the manner of notification for and conduct of the meetings; (3) The number of members that constitute a quorum and provisions that relate to voting; (4) A detailed description of the field of membership; (5) The qualifications for membership; (6) The number of directors on the board and their powers and duties; (7) The powers and duties of its credit committee, if any, and supervisory committee; (8) The powers and duties of its officers; (9) The number of and qualifications for directors emeriti, if any; (10) The par value of its shares and the conditions for issuance, payment, transfer, and withdrawal; (11) The conditions on which deposits may be received and withdrawn; and (12) Provisions for determining and paying dividends on shares and interest on deposits.
Maryland Legal Code