COVID-19: Annual Meeting Voting

Date: 
Thursday, April 2, 2020

Annual Meeting Voting: The IDCU has received several inquiries about the ability of a credit union to hold an electronic vote for board of directors now and then hold the in-person vote at a later date. The IDCU has considered this and will not approve a bifurcation of the voting possess. The IDCU understands the desire to complete the membership vote for board of directors, especially when the candidates are uncontested or when there are as many candidates as there are available board positions. However, splitting the vote is not allowed. 

As an alternative, Iowa law already allows for the board of directors to fill an open board position and these provisions are applicable even though the annual meeting is being postponed. As such, if there is an open seat on the board of directors now or is vacated prior to when the annual meeting is able to be held, then the board of directors may appoint an individual to fill the open position until the next annual meeting. It is allowable for the board of directors to fill the open position with one of the slated candidates. However, whoever fills the vacant board position will need to stand for election at the annual meeting. Also, the board must act in good faith when filling a vacant board position.

 

Printed from the website on May 31, 2020 at 12:51am.