Effective: March 20, 2019
Latest Legislation: House Bill 489 – 132nd General Assembly
(A) Each voting member present in person, by proxy, by mail ballot, by electronic ballot, or as otherwise prescribed by a credit union’s bylaws is entitled to cast one vote, irrespective of the number of shares the member owns, on each matter properly submitted to the members for their vote, consent, waiver, release, or other action.
(B) The chairperson of the board, the president, any vice-president, secretary, or treasurer of any association member of the credit union shall conclusively be presumed to have authority to cast the vote of such association member and to appoint proxies and execute consents, waivers, releases, on its behalf, unless before a vote is taken or a consent, waiver, or release is acted upon, it appears by a certified copy of the code of regulations, bylaws, or a resolution of the trustees, directors, or executive committee of the said association member, that such authority does not exist or is vested in some other officer or person. For the purposes of this section, a person exercising such authority as such officer is prima-facie to be considered duly elected, qualified, and acting as such officer.
(C) If the articles or regulations so provide, any person, who is entitled to attend a members’ meeting to vote thereat, or to execute consents, waivers, or releases, may:
(1) Vote thereat, and execute consents, waivers, and releases, and exercise any of the person’s other rights, by mail ballot delivered to, or electronic ballot received by, the office of the credit union at least seven days prior to the date set for the meeting. At least thirty days’ notice shall be given to all eligible members of the date set for such meeting. No mail ballot or electronic ballot shall be valid after the expiration of eleven months after delivery to or receipt by the credit union. The form of any mail ballot or electronic ballot shall comply with criteria established by the superintendent of financial institutions or have the prior written approval of the superintendent.
(2) Be represented at such meeting or vote thereat, and execute consents, waivers, and releases, and exercise any of the person’s other rights, by proxy or proxies appointed by a writing signed by such person. No appointment of a proxy shall be valid after the expiration of eleven months after it is made. The form of any proxy shall comply with criteria established by the superintendent or have the prior written approval of the superintendent.