§ 6-318
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/md/financial-institutions/6-318A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§6–318.
(a)The provisions of this section do not apply to:
(1)An action authorized under § 6-329 or § 6-321 of this subtitle;
(2)A voluntary dissolution under § 6-804 of this title; or
(3)An authorization of compensation under § 6-331 of this subtitle.
(b)The board of a credit union:
(1)May authorize by resolution any question, proposal, or other matter requiring membership approval to be voted on by mail ballot; and
(2)Shall establish a sequence of dates by which the voting procedures are initiated and completed.
(c)The secretary of the credit union shall mail to each member in good standing who is eligible to vote:
(1)A printed ballot;
(2)An explanation of the question, proposal, or other matter to be voted on; and
(3)A postage pre-paid and pre-addressed return envelope.
(d)Unless otherwise provided in this title, the printed ballot shall be mailed to each member in good standing who is eligible to vote, not more than 30 days nor less than 7 days before the date set by the board for the filing of the mail ballot.
(1)The question, proposal, or other matter is adopted only if approved by a majority of the ballots timely received from the members eligible to vote and in good standing and voting.
(2)The credit union shall report the results of the mail ballot to the members.