Bill > SB1424

This bill modifies several provisions related to credit unions in Missouri, focusing on membership requirements, organizational structure, and board governance. The bill changes the minimum par value of membership shares from twenty-five to one dollar, allowing for more flexible share pricing. It clarifies membership eligibility rules, specifying that members can join based on common occupation, association, or geographic area, and can remain members unless they choose to withdraw. The bill expands the board of directors' capabilities by allowing participation in meetings through telephone, video conference, and other electronic means, with the stipulation that all directors can communicate simultaneously and that votes can be conducted electronically with proper identity verification procedures. Additionally, the bill outlines the board's responsibilities, which include managing the credit union's affairs, determining loan interest rates, setting share and loan limits, authorizing the chief executive officer's employment, approving budgets, declaring dividends, and handling board vacancies. The changes aim to provide more flexibility and modernize operations for credit unions in Missouri.

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https://www.senate.mo.gov/26info/BTS_Web/Bill.aspx?SessionType=R&BillID=11074