§ 466 — Meetings of shareholders; voting

§ 466. Meetings of shareholders; voting. 1. At all meetings of\nshareholders of every credit union each shareholder shall have one vote\nirrespective of the number of shares which he holds; provided, however,\nafter a credit union has been in existence for a period of more than one\nyear, only a person who shall have been a shareholder of such credit\nunion for ninety days prior to the date of any such meeting shall be\nentitled to vote. Every member entitled to vote at a meeting of members\nof the credit union may authorize another person or persons to act for\nhim by proxy at such meeting or, if the bylaws so provide, may vote by\nmail in accordance with the provisions of the bylaws. Every proxy must\nbe signed by the member or his attorney-in-fact. No proxy shall be\nvalid except for the meeting specified therein and adjournments thereof.\nEvery proxy shall be revocable at the pleasure of the member executing\nit. The authority of the holder of a proxy to act shall not be revoked\nby the incompetence or death of the member who executed the proxy\nunless, before the authority is exercised, written notice of an\nadjudication of such incompetence or of such death is received by the\nofficer of the credit union responsible for maintaining the list of\nmembers. A shareholder may vote by proxy at a meeting called to vote\nupon voluntary dissolution. The bylaws may prohibit or further limit\nproxies for members and their duration. No officer, director,\nsupervisory committee member, credit committee member, loan officer,\nclerk, teller or bookkeeper of the credit union shall act as such proxy.\nNo director, supervisory committee member, credit committee member, or\nofficer of a credit union shall be eligible to act as an inspector of an\nelection of directors, supervisory committee members and credit\ncommittee members, at any meeting of members of the credit union.\n 2. Complete minutes of all shareholders' meetings shall be kept which\nshall include a record of the exact number of members present together\nwith a count of votes cast for the election of all directors and\ncommittee members.\n 3. Upon the petition of any shareholder aggrieved by an election, and\nupon notice to the persons declared elected, the credit union and such\nother persons as the court may direct, the supreme court at a special\nterm held within the judicial district where the office of the credit\nunion is located shall forthwith hear the proofs and allegations of the\nparties, and confirm the election, order a new election or take such\nother action as justice may require.\n