By Donya Parrish, MCU VP- Risk Management
It is hard to believe, but annual meeting season is almost upon us. While possibly one of the most routine things your credit union does, don’t forget that there are timelines and guidelines to follow for notice of the meeting, format, and the election of open board seats. Those are all laid out in your credit union’s bylaws.
NCUA has their 2007 version of bylaws available online. If you have adopted a prior version, you need to refer to your approved version for details. The agency is in the process of updating their model bylaws with additional options and commentary, and that will be covered in a future blog.
Of particular note for the annual meeting is Article IV Meetings of Members. It covers the requirement to hold an annual membership meeting, states where it can be held, and how notice must be given to the membership. It does not limit the notice to only the options given as many credit unions include the notice broadly in social media too.
Article V Elections contains critical timelines that may need your attention soon. If you have open board seats, a nominating committee and proper notice may be required. It can depend on the election option chosen for your credit union, so again, check your own version for the specific details.
State chartered credit unions must also rely on their own version of approved bylaws for the annual meeting and elections.
With bylaw versions that are not consistent between institutions, you should ensure someone at your credit union is paying attention and watching the calendar for important deadlines. And, if you need to look for new board members, you can refer back to our blog on Board Recruitment Ideas. Most were put forward by your peers, and they have some stellar ideas!