HF 2922

as introduced - 92nd Legislature (2021 - 2022) Posted on 01/31/2022 12:25pm

A bill for an act
relating to financial institutions; modifying provisions governing credit unions;
amending Minnesota Statutes 2020, sections 52.07; 52.08.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2020, section 52.07, is amended to read:

52.07 FISCAL YEAR; MEETINGS; VOTING.

new text begin (a) new text end The fiscal year of all credit unions shall end December 31.

new text begin (b) new text end 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 given 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. new text begin A notice of the meeting must be prominently displayed on the
credit union's website and the credit union's online banking application or other log-in portal new text end new text begin .
new text end

new text begin (c) new text end 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 mail or other
verifiable means 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.

Sec. 2.

Minnesota Statutes 2020, section 52.08, is amended to read:

52.08 ANNUAL MEETING.

new text begin (a) new text end At the annual meeting the credit union shall elect a board of directors of not less than
five members and may elect a credit committee of not less than three members, all to hold
office for the terms provided in the bylaws and until successors qualify.

new text begin (b) new text end The credit union must have a supervisory committee. Pursuant to its bylaws, the
credit union may elect a supervisory committee of not less than three members nor more
than five members, or the board of directors may appoint the supervisory committee. Some
or all of the terms of office may be staggered, as provided in the bylaws.

new text begin (c) new text end A record of the names and addresses of the members of the board and committees
and the officers shall be filed with the commissioner of commerce within ten days of their
election. new text begin The names of the members of the credit union's board of directors and the name
of the credit union's manager must be displayed on the credit union's website.
new text end

new text begin (d) new text end A full-time manager of a credit union may be a director of a credit union operating
under this chapter.

new text begin (e) new text end The organization meeting shall be the first annual meeting.