N.Y. Comp. Codes R. & Regs. tit. 3 § 209.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 209.3 - Meetings of members

(a) The annual meeting of the members of the MCU, for the purposes of electing members to serve on the board of directors, supervisory committee and credit committee, and transacting such other business as may properly come before the meeting, shall be held at such time and place as shall be fixed by the superintendent.

(b) The superintendent, at least 120 days prior to the annual meeting, shall appoint a nominating committee of not less than 5 nor more than 13 members. Members of the nominating committee need not be members of the MCU. The nominating committee shall make nominations for members to serve on the board of directors and the credit and supervisory committees, and deliver such nominations in writing to the superintendent at least 60 days prior to the date set for the annual meeting.

(c) Additional nominations may be made by written petition as specified in the bylaws of the MCU, except that:

(1) the form of the petition shall be determined by the superintendent and shall be printed and made available at least 75 days before the annual meeting; and

(2) signatures on nominating petitions shall be valid as long as the member signing shall have been a member of the MCU for at least 90 days immediately preceding the date of the signing of the petition, and shall have furnished on the petition next to the member's name either:

(i) the member's address;

(ii) the member's account number; or

(iii) the member's social security number.

Petitions shall be filed with the superintendent at least 40 days prior to the date set for the annual meeting.

(d) To be eligible for election to membership on the board of directors, the credit committee or the supervisory committee, a person must have been a member of the MCU at least 30 days prior to the date set for the annual meeting.

(e) Special meetings of the members may be called upon the order of the superintendent or upon the written request of five percent of the members of the MCU.

(f) Notice of the time and place of the annual meeting or any special meeting of members, and of nominations received by the superintendent in timely fashion, shall be sent by mail to all members and shall be posted in a conspicuous place in all offices of the MCU at least 21 days prior to such meeting.

(g) The superintendent shall designate and implement such procedures for voting by proxy, at the annual meeting or any special meeting of members, as she may deem appropriate in accordance with section 464 of the Banking Law.

(h) The superintendent shall determine, in her discretion, the nature and order of the business to be conducted at all meetings of members.

(i) To be eligible to vote at a meeting of members, a person must have been a member of the MCU for at least 90 days immediately preceding the date of the meeting.

(j) The superintendent shall present for approval of the membership, at the annual meeting or any special meeting of members, such proposed changes in the bylaws of the MCU as she may deem necessary or appropriate.

(k) In connection with the superintendent's possession of the business and property of the MCU, the superintendent is authorized to designate and implement such other procedures pertaining to meetings of members of the MCU as she may deem necessary or appropriate to effectuate the policies declared in section 10 of the Banking Law.

N.Y. Comp. Codes R. & Regs. Tit. 3 § 209.3