Proposed Bylaw Change | Town & Country Credit Union

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Town & Country Credit Union

Town & Country Credit Union

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    SPECIAL MEETING ANNOUNCEMENT

    Informational Meetings for Proposed Bylaw Amendments

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Proposed Bylaw Change

The membership of Town & Country Credit Union will be given the opportunity to vote on two bylaw amendments at in-person meetings in Minot on Tuesday, Sept. 18th at 6:30 p.m. at the Grand Hotel or in Fargo on Thursday, Sept. 20th at 6:30 p.m. at the Delta Hotel.  As a credit union owned by our members, all bylaw amendments must be voted on and approved by the membership. The two bylaw amendments will include:

1. Geographic Representation of Board Members

Currently the Board of Directors is comprised of seven credit union members:

  • Minot: 5 board members that reside within 75 miles of Minot.
  • Kenmare: 1 board member that resides within 50 miles of Kenmare.
  • Fargo: 1 board member that resides within 50 miles of Fargo.

The proposed amendment would provide:

  • At Large: 2 board members that reside anywhere within the credit union's field of membership.
  • Minot: 3 board members that reside within 75 miles of Minot.
  • Kenmare: 1 board member that resides within 50 miles of Kenmare.
  • Fargo: 1 board member that resides within 50 miles of Fargo.

Over the past couple of years, the Board of Directors has gotten multiple inquiries regarding allowing more representation from the Fargo area. By allowing two at large positions, the proposed board representation would encourage anyone who is passionate to run for those positions regardless of location. All credit union members who are eligible to vote, will continue to choose the board members regardless of where the candidate resides.

2.  The Par Value of a Share

Currently the par value of each share is $50.00.

The proposed amendment would reduce this to $5.00.

The par value of each share is the required initial deposit to open an account at Town & Country. Currently, when someone wants to open an account, they have to deposit at least $50 into a share savings account. This money still belongs to the member, but it cannot be withdrawn unless the account is closed. Reducing the required initial deposit (or par value) may help remove barriers to entry for new members. 

Informational Meetings

Informational meetings will be held to provide additional information and to receive feedback from credit union members. 

Minot Meetings:
Main Office Training Room
Tuesday, Aug. 21 at 6:30 p.m. or Wednesday, Aug. 22 at 9 a.m.

Fargo Meetings:
52nd Ave Office  Training Room
Tuesday, Aug. 28 at 6:30 p.m. or Wednesday, Aug. 29 at 9 a.m.

A special meeting notice will be mailed or emailed to members prior to the September meetings.

Special Meeting & Bylaw Vote