Legislation

Search OpenLegislation Statutes
This entry was published on 2014-09-22
The selection dates indicate all change milestones for the entire volume, not just the location being viewed. Specifying a milestone date will retrieve the most recent version of the location before that date.
SECTION 466
Meetings of shareholders; voting
Banking (BNK) CHAPTER 2, ARTICLE 11
§ 466. Meetings of shareholders; voting. 1. At all meetings of
shareholders of every credit union each shareholder shall have one vote
irrespective of the number of shares which he holds; provided, however,
after a credit union has been in existence for a period of more than one
year, only a person who shall have been a shareholder of such credit
union for ninety days prior to the date of any such meeting shall be
entitled to vote. Every member entitled to vote at a meeting of members
of the credit union may authorize another person or persons to act for
him by proxy at such meeting or, if the bylaws so provide, may vote by
mail in accordance with the provisions of the bylaws. Every proxy must
be signed by the member or his attorney-in-fact. No proxy shall be
valid except for the meeting specified therein and adjournments thereof.
Every proxy shall be revocable at the pleasure of the member executing
it. The authority of the holder of a proxy to act shall not be revoked
by the incompetence or death of the member who executed the proxy
unless, before the authority is exercised, written notice of an
adjudication of such incompetence or of such death is received by the
officer of the credit union responsible for maintaining the list of
members. A shareholder may vote by proxy at a meeting called to vote
upon voluntary dissolution. The bylaws may prohibit or further limit
proxies for members and their duration. No officer, director,
supervisory committee member, credit committee member, loan officer,
clerk, teller or bookkeeper of the credit union shall act as such proxy.
No director, supervisory committee member, credit committee member, or
officer of a credit union shall be eligible to act as an inspector of an
election of directors, supervisory committee members and credit
committee members, at any meeting of members of the credit union.

2. Complete minutes of all shareholders' meetings shall be kept which
shall include a record of the exact number of members present together
with a count of votes cast for the election of all directors and
committee members.

3. Upon the petition of any shareholder aggrieved by an election, and
upon notice to the persons declared elected, the credit union and such
other persons as the court may direct, the supreme court at a special
term held within the judicial district where the office of the credit
union is located shall forthwith hear the proofs and allegations of the
parties, and confirm the election, order a new election or take such
other action as justice may require.