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| Public Act 095-0052 |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Credit Union Act is amended by | ||||
changing Section 20 as follows:
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(205 ILCS 305/20) (from Ch. 17, par. 4421)
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Sec. 20. Election or appointment of officials.
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(1) The credit union shall
be directed by a Board of | ||||
Directors consisting of no less than 7 in number,
to be elected | ||||
at the annual meeting by and from the members. Directors shall
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hold office until the next annual meeting, unless their
terms | ||||
are staggered. Upon amendment of its bylaws, a credit union may | ||||
divide
the Directors into 2 or 3 classes with each class as | ||||
nearly equal in number as
possible. The term of office of the | ||||
directors of the first class shall expire
at the first annual | ||||
meeting after their election, that of the second class
shall
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expire at the second annual meeting after their election, and | ||||
that of the third
class, if any, shall expire at the third | ||||
annual meeting after their election.
At each annual meeting | ||||
after the classification, the number of directors equal
to the | ||||
number of directors whose terms expire at the time of the | ||||
meeting shall
be elected to hold office until the second | ||||
succeeding annual meeting if there
are 2 classes or until the | ||||
third succeeding annual meeting if there are 3
classes. A | ||
Director shall hold office for the term for which he
or she is | ||
elected and until his or her
successor
is elected and | ||
qualified. | ||
(1.5) Except as provided in subsection (1.10), in
In all | ||
elections for Directors, every member
has the right to vote, in | ||
person or by proxy, the number of shares owned
by him, or in | ||
the case of a member other than a natural person, the member's
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one vote, for as many persons as there are Directors to be | ||
elected, or to
cumulate such shares, and give one candidate as | ||
many votes as the number
of Directors multiplied by the number | ||
of his shares equals, or to distribute
them on
the same | ||
principle among as many candidates as he may desire and the | ||
Directors
shall not be elected in any other manner. Shares held | ||
in a joint account
owned by more than one member may be voted | ||
by any one of the members, however,
the number of cumulative | ||
votes cast may not exceed a total equal to the number
of shares | ||
multiplied by the number of directors to be elected. A majority | ||
of
the shares entitled
to vote shall be represented either in | ||
person or by proxy for the election
of Directors. Each Director | ||
shall wholly take and subscribe to an oath
that he will | ||
diligently and honestly perform his duties in administering
the | ||
affairs of the credit union, that while he may delegate to | ||
another the
performance of those administrative duties he is | ||
not thereby relieved from
his responsibility for their | ||
performance, that he will not knowingly violate
or willingly | ||
permit to be violated any law applicable to the credit union,
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and that he is the owner of at least one share of the credit | ||
union.
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(1.10) Upon amendment of a credit union's bylaws approved | ||
by the members, in all elections for Directors, every member | ||
who is a natural person shall have the right to cast one vote, | ||
regardless of the number of his or her shares, in person or by | ||
proxy, for as many persons as there are Directors to be | ||
elected.
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(2) The Board of Directors shall appoint from among the | ||
members of the
credit union, a Supervisory Committee of not | ||
less than 3 members at the
organization meeting and within 30 | ||
days following each annual meeting of
the members for such | ||
terms as the bylaws provide. Members of the Supervisory
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Committee may, but need not be, on the Board of Directors, but | ||
shall not
be officers of the credit union, members of the | ||
Credit Committee,
or the
credit manager if no Credit Committee | ||
has been appointed.
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(3) The Board of Directors may appoint, from among the
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members of the
credit union, a Credit Committee consisting of | ||
an odd number, not less than
3 for such terms as the bylaws | ||
provide. Members of the Credit Committee
may, but need not be, | ||
Directors or officers of the credit union, but shall
not be | ||
members of the Supervisory Committee.
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(4) The Board of Directors may appoint from among the | ||
members
of the
credit union a Membership Committee of one or | ||
more persons. If appointed,
the Committee shall act
upon all | ||
applications for membership and submit a report of its actions
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to the Board of Directors at the next regular meeting for
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review.
If no Membership Committee is appointed, credit union | ||
management shall act
upon all applications for membership and | ||
submit a report of its actions to the
Board of Directors at the | ||
next regular meeting for review.
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(Source: P.A. 91-929, eff. 12-15-00; 92-608, eff. 7-1-02.)
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