Bylaw Amendment Vote Results
The results from our Special Meetings held in September have been tabulated. Both of the proposed bylaw amendments passed.
The first amendment, Section 1 of Article IV, changes the par value of each share in the credit union from $50 to $5. The par value of a share is the initial deposit required to open an account and become a Town & Country member. This amendment passed with a vote of 68 in favor to 18 opposed.
Board of Directors’ Representation
The second amendment, Section 1 of Article VIII, changes the Board of Directors’ representation. This amendment passed with a vote of 62 in favor to 25 opposed. The Board of Directors will now be made up of:
- 3 directors who reside within 75 miles of Minot.
- 2 at-large directors who can reside anywhere within the credit union’s field of membership.
- 1 director who resides within 50 miles of Kenmare.
- 1 director who resides within 50 miles of Fargo.
There are three positions up for election prior to the 2019 annual meeting – the two at-large positions and one Minot position.
“I believe these changes will positively impact our members,” said Jeremiah Kossen, CEO. “The change to the par value simplifies the experience for our current and future members and the change to the board representation will give our members more choice and a stronger voice in our board make-up.”
The bylaw amendments must now be submitted to the state regulator for final approval. Once approved, effective dates will be determined and published.