MARVIN MANDEL, Governor

1841

LATER THAN MIDNIGHT OF THE SEVENTH DAY BEFORE THE DATE OF
THE MEETING AND RECEIVED BY THE CREDIT UNION NOT LATER
THAN MIDNIGHT ON THE FIFTH DAY BEFORE THE DATE OF THE
MEETING.

REVISOR'S NOTE: This section presently appears as
the eighth through the last sentences of Art.
11, §143(a).

The only changes are in style.

For the definition of the word "mail," see
§1-101.

6-314. ELECTION OF DIRECTORS BY MAIL BALLOT.

(A)   RESOLUTION OF THE BOARD OF DIRECTORS.

SUBJECT TO THE PROVISIONS OF THIS SECTION, THE BOARD
OF DIRECTORS OF A CREDIT ONION, BY RESOLUTION POSTED
CONSPICUOUSLY AT THE PRINCIPAL OFFICE OF THE CREDIT ONION
AT LEAST 90 DAYS BEFORE THE ANNUAL MEETING OF ITS
MEMBERS, MAY AUTHORIZE THE ELECTION OF DIRECTORS
EXCLUSIVELY BY MAIL BALLOT OF ITS MEMBERS.

(B)   NOMINATING COMMITTEE.

(1)    AT LEAST 60 DAYS BEFORE THE ANNUAL
MEETING, THE PRESIDENT OF THE CREDIT UNION SHALL APPOINT
A NOMINATING COMMITTEE OF AT LEAST THREE MEMBERS.

(2)    THE NOMINATING COMMITTEE SHALL NOMINATE
AT LEAST ONE MEMBER FOR EACH VACANCY ON THE BOARD OF
DIRECTORS, AFTER DETERMINING THAT A PROPOSED NOMINEE
AGREES TO HAVE HIS NAME PLACED IN NOMINATION AND MILL
ACCEPT THE OFFICE IF ELECTED.

(3)    THE NOMINATING COMMITTEE SHALL FILE ITS
NOMINATIONS WITH THE SECRETARY OF THE CREDIT UNION AT
LEAST 45 DAYS BEFORE THE ANNUAL MEETING.

(4)    THE SECRETARY SHALL POST THE NOMINATIONS
CONSPICUOUSLY AT THE PRINCIPAL OFFICE OF THE CREDIT UNION
AT LEAST 40 DAYS BEFORE THE ANNUAL MEETING.

(C)   NOMINATIONS BY MEMBERS.

(1) 20 OR MORE MEMBERS OR 5 PERCENT OF THE
MEMBERS, WHICHEVER IS LESS, MAY NOMINATE INDIVIDUALS FOR
DIRECTORSHIPS BY SIGNING A PETITION. THE PETITION SHALL
INCLUDE A CERTIFICATE FROM EACH NOMINEE WHICH STATES THAT
HE AGREES TO HAVE HIS NAME PLACED IN NOMINATION AND WILL
ACCEPT THE OFFICE IF ELECTED.