6-460. Procedure to amend articles of incorporation
The procedure to effect an amendment of articles of incorporation shall be as follows:
1. The board of directors shall adopt a resolution setting forth the proposed amendment and directing that it be submitted to a vote at a meeting of the members, which may be an annual or a special meeting.
2. The proposed amendment, or a summary of the changes to be effected thereby, shall be set forth in the notice of meeting as prescribed in section 6-415.
3. The proposed amendment will be adopted upon receiving, in the affirmative, a majority or more of the total number of votes which all members of the association are entitled to cast, except that an amendment effecting a retirement of all shares of guaranty capital must receive the vote specified in section 6-428. A report of proceedings, verified by the president or a vice president and attested by the secretary and setting forth the notice given, the amendment adopted, the vote thereon, and the total number of votes which all members of the association were entitled to cast thereon, shall be filed promptly with the superintendent.
4. Each adopted amendment shall be subject to the same inquiry by the superintendent as the corresponding provision in the original articles of incorporation, including, but not limited to, the availability of a proposed new name of the association. If the superintendent approves an amendment, he shall issue to the association a certificate setting forth the amendment and his approval thereof, which shall then be filed with the corporation commission and a certified copy thereof recorded in the office of the county recorder of the county where the principal office of the association is located. When so filed and recorded the amendment shall become effective.
5. No amendment of articles of incorporation shall affect any existing cause of action either in favor of or against the association, or any pending action in which the association shall be a party, or the existing rights of persons other than members of the association; and if the amendment has changed the name of the association, no action brought by or against the association under its former name shall be abated for that reason.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.