7-7-11. Meetings of stock association stockholders -- Voting -- Notice.
(1) An annual meeting of the stockholders of each capital stock association shall be held
at the time and place fixed in the bylaws of the association. Special meetings may be called as
provided in the bylaws.
(2) The stockholders entitled to vote at any meeting of the stockholders shall be those
who are stockholders of record on a date fixed in advance by the board of directors. The record
date shall be not more than 60 days and not less than 20 days before the date of the meeting. If
the board of directors fails to fix the date by the 20th day preceding the meeting, the record date
shall be the 20th day preceding the meeting. When a determination of stockholders entitled to
vote at any meeting has been made as provided in this section, the determination shall apply to
any adjournment of the meeting.
(3) In the determination of all questions requiring action by the stockholders, each
stockholder shall be entitled to cast one vote for each share of voting stock recorded in his name
on the books of the association on the record date fixed as provided in this section. The articles of
incorporation or bylaws of an association may, but need not, provide that at each election for
directors every stockholder entitled to vote at the election has the right to vote the number of
shares owned by him for as many persons as there are directors to be elected and for whose
election he has a right to vote or to cumulate his votes by giving one candidate as many votes as
the number of the directors to be elected multiplied by the number of his shares shall equal, or by
distributing the votes on the same principle among any number of candidates.
(4) At any meeting of the stockholders and members, voting may be in person or by
proxy, but no proxy shall be eligible to be voted at any meeting unless the proxy shall have been
filed with the secretary of the association, for verification, at least five days before the date of the
meeting. Every proxy shall be in writing and signed by the stockholder or member or his duly
authorized attorney-in-fact and, when filed with the secretary, shall, if so specified in the proxy,
continue in force from year to year until revoked by a writing duly delivered to the secretary or
until superseded by subsequent proxies.
(5) At an annual meeting or at any special meeting of the stockholders, a majority of the
outstanding shares of the association entitled to vote, represented in person or by proxy,
constitutes a quorum. A majority of all votes cast at any meeting of stockholders shall determine
any question unless this chapter specifically provides otherwise.
(6) A capital stock association may by its articles of incorporation or bylaws grant
membership rights to one or more classes of persons who are either borrowers from or have
savings accounts with the association. Each such member may, but need not, be given the right to
vote as a member and, if given that right, shall enjoy the same voting rights as a holder of one
share of capital stock.
(7) No notice of annual meetings of stockholders need be given. Notice of each special
meeting of stockholders shall state the purposes for which the meeting is called, the place of
meeting, and the time when it shall convene, and shall be delivered not less than ten nor more than
50 days before the date of the meeting, either personally or by mail, to each stockholder of record
entitled to vote at such meeting; provided, however, that if all the stockholders entitled to vote,
vote in favor of an action at any meeting of the stockholders, no notice need be given. If mailed,
notice is considered to be delivered when deposited in the United States mail addressed to the
stockholder at his address as it appears on the stock transfer books of the association, with
postage on the notice prepaid.
Amended by Chapter 244, 1985 General Session
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Last revised: Thursday, May 28, 2009