Can't the members take a hint?
Know you're tired of this series on the response [link] from Ms. Plaut, SECU Chief Legal Officer, to a request from a member on procedures to submit resolutions in advance to the Annual Meeting. But a few more "bullet points" and we'll move on...
😎 According to Ms. Plaut: "SECU members possess a defined set of member rights; those rights stem from the governing North Carolina statutes and from the SECU bylaws."
✅ 100% agree with that statement! From 1937 to 2023, those credit union member rights under both North Carolina state law and the SECU bylaws required that SECU members be permitted to speak and introduce new business or resolutions at the SECU Annual Meeting.
North Carolina laws governing credit unions "have not been updated in 25 years" according to Mr. Dan Schline, CEO of the Carolinas Credit Union League trade association - remember H.410 and all that [link]?
✅ If North Carolina state credit union laws have not changed, how have SECU members lost these rights?
Pretty simple! Ms. Plaut and the SECU Board have decided to bypass the State Legislature and unilaterally take the law into their own hands. SECU members have been stripped of their member ownership rights without being allowed a voice nor vote.
✅ "Why does the SECU Board fear the members?"
The "Plaut" thickens?
False. SECU by laws permitted resolutions and members to speak, they did not require it, and there is a difference. NC law never did REQUIRE that members be allowed to bring resolutions and speak, specifically at the annual meeting. Feel free to cite that law.
ReplyDelete10:08 Excellent example of the pettifoggery that SECU now seems to favor in dealing with the membership.
DeleteJust so its clear that you acknowledge that the member rights to speak and make resolutions have now been prohibited by the SECU Board.
Those member rights were unilaterally deleted from the bylaws by the SECU Board without member voice or vote.
Those democratic member rights were available and exercised for the first 86 year existence of SECU.Why is the SECU Board so terrified of the member shareholders.
so when are they planning to just cancel the board voting and just install 'their leaders' all at the blessings of the oversight organization ...
ReplyDeleteShut up and comply, it's the new way we do things around here ... if you don't like it go find your passion elsewhere...
ReplyDelete