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HF 1477

as introduced - 90th Legislature (2017 - 2018) Posted on 02/20/2018 01:08pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to credit unions; regulating meetings; amending Minnesota Statutes 2016,
section 52.07.


Section 1.

Minnesota Statutes 2016, section 52.07, is amended to read:


The fiscal year of all credit unions shall end December 31. General and special meetings
may be held in the manner and for the purposes indicated in the bylaws. At least ten days
before any regular meeting, and at least seven days before any special meeting, written
notice shall be deleted text begin mailed or handeddeleted text end new text begin givennew text end to each member, and in the case of a special meeting,
the notice shall clearly state the purpose of the meeting and what matters will be considered
thereat. No member shall be eligible to vote at any meeting or to hold any office unless the
member owns at least one share of the credit union which is fully paid. At all meetings a
member shall have but a single vote, whatever the member's share holdings. Upon resolution
of the board of directors, credit union members shall be authorized to vote by mailnew text begin or other
verifiable means
new text end for election of directors, credit committee and supervisory members and
amendments to bylaws at annual and special meetings. There shall be no voting by proxy.
Any firm, society or corporation having a membership in the credit union and entitled to
vote may cast its vote by one person upon presentation of written authority of the firm,
society or corporation.