Board of directors' approval and members' opportunity to comment.

CFR · 2024-01-01 · US · Title 12

(a) A credit union's board of directors must comply with the following notice requirements before voting on a proposal to convert. (1) No later than 30 days before a board of directors votes on a proposal to convert, it must publish a notice in a general circulation newspaper, or in multiple newspapers if necessary, serving all areas where the credit union has an office, branch, or service center. It must also post the notice in a clear and conspicuous fashion in the lobby of the credit union's home office and branch offices and on the credit union's Web site, if it has one. If the notice is not on the home page of the Web site, the (2) The public notice must include the following: (i) The name and address of the credit union; (ii) The type of institution to which the credit union's board is considering a proposal to convert; (iii) A brief statement of why the board is considering the conversion and the major positive and negative effects of the proposed conversion; (iv) A statement that directs members to submit any comments on the proposal to the credit union's board of directors by regular mail, electronic mail, or facsimile; (v) The date on which the board plans to vote on the proposal and the date by which members must submit their comments for consideration, which may not be more than 5 days before the board vote; (vi) The street address, electronic mail address, and facsimile number of the credit union where members may submit comments; and (vii) A statement that, in t

official document · source cfr-2024 · id 12:§ 708a.103