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Conference 7.286::dcu

Title:	DCU
Notice:	1996 BoD Election results in 1004
Moderator:	CPEEDY::BRADLEY

Created:	Sat Feb 07 1987
Last Modified:	Fri Jun 06 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1041
Total number of notes:	18759

570.0. "Federal law - no proxies" by ESBLAB::KINZELMAN (Paul Kinzelman) Sat Jun 13 1992 21:56

Mr Moderator, please move this note to a more appropriate place (like to
a reply) if you so see fit...

This is in response to those folks who complained about proxies not being
allowed in meetings of the membership.

I was just reading thru "The Federal Credit Union Act" (revised Feb 1991).
Paragraph 1760 (or paragraph 110, they seem to have double numbering)
is as follows:

Members' meetings. - The fiscal year of all Federal credit unions shall
end December 31. The annual meeting of each Federal credit union shall
be held at such place as its bylaws shall prescribe. Special meetings may
be held in the manner indicated in the bylaws. No member shall be entitled
to vote by proxy, but a member other than a natural person may vote through
an agent designated for the purpose. Irrespective of the number of shares
held, no member shall have more than one vote.

So, given that it's in the federal act, proxies won't be allowed no matter
what the BoD does.

T.R	Title	User	Personal Name	Date	Lines
570.1	Paul, just curious...	SCAACT::AINSLEY	We will miss you, Simon	`Mon Jun 15 1992 00:32`	8
	Hmmm. If the fiscal year ends on 12/31, why does it take so long to get the annual report published??? Bob
570.2	One of life's little mysteries	PLOUGH::KINZELMAN	Paul Kinzelman	`Mon Jun 15 1992 10:49`	7
	I don't actually know. I asked DCU before the election and was told that it's "standard procedure" (waiting for the annual meeting to publish the annual report). I was never interested in the annual report before this so I don't know what was done in previous years. I'm not suprised that the board wanted to wait until after the election to publish the report. My preference, however, will be to publish it well before the election (as soon as possible) so that voters can make a more informed choice.
570.3	a mystery? NOT!	ALIEN::MCCULLEY	RSX Pro	`Mon Jun 15 1992 11:05`	17
	.2> My preference, however, will be to publish it well before the election .2> (as soon as possible) so that voters can make a more informed choice. But that's just you, Paul. I'd like to see something (By-law?) to require this, just in case some future BoD feels their selfish interests outweigh the overall good of the membership, and that a more informed choice by the voters would be contrary to the BoD's interests (as opposed to the membership's interest). Of course we all know that wouldn't happen, but just in case it would be nice to have a formal policy rather than relying on the personal foibles of each different Board... --bruce
570.4		GUFFAW::GRANSEWICZ		`Mon Jun 15 1992 12:15`	10
	RE: .3 Ditto! Timely, accurate annual reports are a right of membership IMO. The parameters around the monthly statements of conditions are included in the Bylaws. I see no reason why the same couldn't he applied to the annual report.
570.5	How long does the audit take?	UNXA::ADLER	Rich or poor, it's nice to have $$$	`Mon Jun 15 1992 14:08`	6
	Unlike the Statement of Condition notices, the financial position of the DCU that is declared in the Annual Report must be audited before publication (auditor's notes included;^) and this takes time. Anyone know how much? /Ed
570.6		GUFFAW::GRANSEWICZ		`Mon Jun 15 1992 15:05`	9
	RE: .5 The date on an auditors report that was given to me prior to my election had a late January date. I see no reason why they couldn't be posted/available soon after, minus writeups of course. I'm sure it'll take longer to pull the write-ups together and get it to a printer but even that shouldn't run into April IMO.