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H.B. 294

             1     

CREDIT UNION MEMBER ACCESS TO

             2     
INFORMATION

             3     
2001 GENERAL SESSION

             4     
STATE OF UTAH

             5     
Sponsor: Thomas V. Hatch

             6      This act modifies the Credit Union Act to provide that members of credit unions have access
             7      to certain information related to compensation and expense reimbursement of executives of
             8      credit unions.
             9      This act affects sections of Utah Code Annotated 1953 as follows:
             10      AMENDS:
             11          7-9-14, as enacted by Chapter 16, Laws of Utah 1981
             12          7-9-24, as last amended by Chapter 182, Laws of Utah 1996
             13      Be it enacted by the Legislature of the state of Utah:
             14          Section 1. Section 7-9-14 is amended to read:
             15           7-9-14. Meetings.
             16          (1) The annual meeting of the credit union shall be held at such time and place as the
             17      bylaws prescribe.
             18          (2) Special meetings may be held as the bylaws prescribe.
             19          (3) Notice of all meetings of the credit union shall be given as the bylaws prescribe.
             20          (4) In the absence of any provisions in the bylaws, special meetings of the members of the
             21      credit union may be called by a majority of the members of the corporation.
             22          (5) (a) In accordance with rules made by the commissioner, at least 30 days before an
             23      annual meeting of the credit union, the credit union shall make available to a member of the credit
             24      union at the request of that member the list of members of the credit union to whom the credit
             25      union sent notice of the annual meeting.
             26          (b) In accordance with Title 63, Chapter 46a, Utah Administrative Rulemaking Act, the
             27      commissioner shall make rules to provide the requirements under this Subsection (5) regarding the


             28      manner of providing the list of members required to be provided under Subsection (5)(a).
             29          Section 2. Section 7-9-24 is amended to read:
             30           7-9-24. Compensation of directors, committee members, and president -- Expense
             31      reimbursement.
             32          (1) A member of the board of directors, credit committee, or supervisory committee may
             33      not receive any compensation for services [as such], except that the reimbursement of reasonable
             34      expenses incurred in the execution of the duties of the position may not be considered
             35      compensation.
             36          (2) Any member of a credit union who incurs any expenses or performs any service
             37      authorized by the board of directors may be compensated or reimbursed for the expenses or
             38      services in an amount approved by the board of directors.
             39          (3) The board of directors shall determine the compensation for a president appointed as
             40      general manager.
             41          (4) (a) In accordance with rules made by the commissioner, a credit union shall make
             42      available to any member of the credit union at the request of that member:
             43          (i) the expenses compensated or reimbursed by the credit union in accordance with
             44      Subsection (1) or (2);
             45          (ii) expenditures by the credit union made for the benefit of the board of directors; or
             46          (iii) the amount of compensation, expenditures, or reimbursed expenses paid by the credit
             47      union to the five highest compensated officers or executives of the credit union.
             48          (b) This Subsection (4) may not be considered to limit the rights of members provided:
             49          (i) in any other provision of this chapter; or
             50          (ii) under Title 16, Chapter 10A, Utah Revised Business Corporation Act.
             51          (c) The commissioner shall make rules in accordance with Title 63, Chapter 46a, Utah
             52      Administrative Rulemaking Act, to provide the requirements under this Subsection (4) regarding:
             53          (i) the timing of providing information;
             54          (ii) the manner of providing information; and
             55          (iii) the scope of information to be provided.





Legislative Review Note
    as of 2-8-01 10:14 AM


A limited legal review of this legislation raises no obvious constitutional or statutory concerns.

Office of Legislative Research and General Counsel


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