§ 28-15-12-1 — Mutual savings association; member entitled to one vote

(a) In a mutual savings association, each
member is entitled at every members' meeting to cast one (1) vote for
each:
(1) one hundred dollars ($100); or
(2) fraction of one hundred dollars ($100);
of the total amount paid in on all share or deposit accounts standing in
the member's name on the books of the mutual savings association.
(b) Each borrowing member of a mutual savings association who is
not a depositor or owner of a share account is entitled at a members'
meeting to cast one (1) vote, if the articles of incorporation of the
mutual savings association provide the borrowing member the right to
vote.
(c) A member of a mutual savings association may not, except as
proxy, cast more than fifty (50) votes at an election held by the mutual
savings association.

Legislative History

As added by P.L.193-1997, SEC.2.