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SB0893 Engrossed |
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LRB094 04541 LJB 34570 b |
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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 |
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| 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 |
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| Directors consisting of no less than 7 in number,
to be elected |
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| 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 |
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| are staggered. Upon amendment of its bylaws, a credit union may |
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| divide
the Directors into 2 or 3 classes with each class as |
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| nearly equal in number as
possible. The term of office of the |
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| directors of the first class shall expire
at the first annual |
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| meeting after their election, that of the second class
shall
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| expire at the second annual meeting after their election, and |
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| that of the third
class, if any, shall expire at the third |
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| annual meeting after their election.
At each annual meeting |
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| after the classification, the number of directors equal
to the |
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| number of directors whose terms expire at the time of the |
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| meeting shall
be elected to hold office until the second |
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| succeeding annual meeting if there
are 2 classes or until the |
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| third succeeding annual meeting if there are 3
classes. A |
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| Director shall hold office for the term for which he
or she is |
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| elected and until his or her
successor
is elected and |
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| qualified. |
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| (1.5) Except as provided in subsection (1.10), in
In all |
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| elections for Directors, every member
has the right to vote, in |
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| person or by proxy, the number of shares owned
by him, or in |
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| 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 |
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SB0893 Engrossed |
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LRB094 04541 LJB 34570 b |
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| elected, or to
cumulate such shares, and give one candidate as |
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| many votes as the number
of Directors multiplied by the number |
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| of his shares equals, or to distribute
them on
the same |
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| principle among as many candidates as he may desire and the |
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| Directors
shall not be elected in any other manner. Shares held |
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| in a joint account
owned by more than one member may be voted |
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| by any one of the members, however,
the number of cumulative |
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| votes cast may not exceed a total equal to the number
of shares |
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| multiplied by the number of directors to be elected. A majority |
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| of
the shares entitled
to vote shall be represented either in |
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| person or by proxy for the election
of Directors. Each Director |
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| shall wholly take and subscribe to an oath
that he will |
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| diligently and honestly perform his duties in administering
the |
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| affairs of the credit union, that while he may delegate to |
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| another the
performance of those administrative duties he is |
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| not thereby relieved from
his responsibility for their |
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| performance, that he will not knowingly violate
or willingly |
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| 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 |
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| union.
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| (1.10) Upon amendment of a credit union's bylaws approved |
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| by the members, in all elections for Directors, every member |
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| who is a natural person shall have the right to cast one vote, |
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| regardless of the number of his or her shares, in person or by |
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| proxy, for as many persons as there are Directors to be |
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| elected.
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| (2) The Board of Directors shall appoint from among the |
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| members of the
credit union, a Supervisory Committee of not |
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| less than 3 members at the
organization meeting and within 30 |
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| days following each annual meeting of
the members for such |
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| 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 |
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| shall not
be officers of the credit union, members of the |
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| Credit Committee,
or the
credit manager if no Credit Committee |
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| has been appointed.
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| (3) The Board of Directors may appoint, from among the
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SB0893 Engrossed |
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LRB094 04541 LJB 34570 b |
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| members of the
credit union, a Credit Committee consisting of |
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| an odd number, not less than
3 for such terms as the bylaws |
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| provide. Members of the Credit Committee
may, but need not be, |
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| Directors or officers of the credit union, but shall
not be |
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| members of the Supervisory Committee.
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| (4) The Board of Directors may appoint from among the |
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| members
of the
credit union a Membership Committee of one or |
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| more persons. If appointed,
the Committee shall act
upon all |
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| 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 |
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| management shall act
upon all applications for membership and |
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| submit a report of its actions to the
Board of Directors at the |
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| 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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