Section 478. Amendment of bylaws; approval of superintendent

1. The bylaws
  of a credit union may be changed or amended by a vote of a  majority  of
  the  total  number of directors which a credit union would have if there
  were no vacancies present at any meeting; provided the  proposed  change
  or  amendment  shall  have first had the approval of the superintendent,
  except as provided in subdivision two  of  this  section;  and  provided
  further, that notice of such meeting, with notice of the proposed change
  or  amendment,  shall  have been given to each director as prescribed in
  the bylaws and provided, further, that any amendment,  or  change  in  a
  bylaw  affecting  the  manner or method by which a shareholders' meeting
  may be convened, the voting rights of the shareholders, or a decrease in
  the number of directors of the  credit  union  shall  also  require  the
  approval  of  a majority of the shareholders present at a meeting of the
  shareholders. A copy of any change or amendment thus  adopted  shall  be
  filed  in  the office of the superintendent within thirty days after its
  adoption.
    2. Notwithstanding the provisions of subdivision one of this  section,
  a  credit  union  may  change or amend its bylaws to add a group of less
  than three thousand members upon receiving a notice of no objection from
  the superintendent. Within ten business days of receiving such  proposed
  change or amendment, the superintendent shall either send a notice of no
  objection, notify the credit union that the proposed change or amendment
  is  denied,  or  notify  the  credit  union  that  additional  review is
  necessary; provided, however, that if additional  review  is  necessary,
  the  superintendent  shall  notify  the credit union of his or her final
  decision within no more than twenty-five business days of receiving such
  proposed change or amendment.
    3. Any credit union deeming itself aggrieved by  the  refusal  of  the
  superintendent  to  give  his  or  her  approval to a proposed change or
  amendment may apply to any justice of the supreme court of the  district
  wherein  the credit union is located, upon notice to the superintendent,
  for a review of such decision. Such justice shall review the decision of
  the superintendent and may overrule or  set  aside  the  action  of  the
  superintendent  and  approve  such change or amendment. An approval thus
  obtained shall enable such credit union to make the change or  amendment
  as approved.