Most organizations - whether corporations, civic, church, cooperative, or charitable - have a designated board of directors, elders, deacons, trustees. The group meets regularly and written "minutes" are recorded and approved to officially document the results of the meeting. It's common practice, "the industry standard"!
✅ North Carolina law requires:
§ 55‑16‑01- Corporate records. [link] (a) A corporation shall maintain the following records:
(1) Its articles of incorporation as currently in effect.
(2) Its bylaws as currently in effect.
(3) All written communications within the past three years to shareholders
generally.
(4) Minutes of all meetings of, and records of all actions taken without a meeting by, its shareholders, its board of directors, and board committees established under section G.S. 55‑8‑25.
(5) A list of the names and business addresses of its current directors and officers.
(6) Its most recent annual report delivered as required by G.S. 55‑16‑22.
(b) A corporation shall maintain all annual financial statements prepared for the corporation for its last three fiscal years, or each year of its existence if shorter than three years, and any audit or other reports with respect to the financial statements.
(c) A corporation or its agent shall maintain a record of its current shareholders, in alphabetical order by class of shares showing the number and class of shares held by each shareholder.
(d) A corporation shall maintain accounting records in a form that permits preparation of its financial statements.
(e) A corporation shall maintain the records specified in this section in a manner so that they may be made available for inspection within a reasonable time.
✅ The SECU Board of Directors regular monthly meeting was scheduled for last night, October 28, 2025 (4th Tuesday of each month). As with all boards, the SECU Board would have routinely approved the written board minutes for their September, 2025 board meeting. The official, approved September board minutes would document the approval by the SECU Board of Directors of those "no amendment amendments", which went unreported to the membership at the October, 2025 Annual Meeting [link].
😎 Pretty clear under state law that any SECU shareholder can ask to inspect the official minutes, but...
Section E does not say who has the right to inspect. Is that spelled out somewhere else or did I miss it. So in this scenario, the CEO from Google could buy one share of Apple and just request the minutes for the board meeting where they discuss strategy? This is of course if there headquarters were in NC. What about a tech blogger, they could hear and post all the features coming to the iPhone next year. What a great idea.
ReplyDeleteThis is false. These statutes don’t apply to credit unions. We are not a corporation, we are a member-owned coop. Do your homework on Chapter 54, Article 14 - that statues applicable to state-chartered credit unions. Bottom line - you will not find language that requires a state-chartered CU to provide board minutes to members upon request.
ReplyDeleteBesides, they were approved on exec session, and there isn’t a law or reg that doesn’t exclude exec sessions from disclosure.
Nice try, but no cigar. Maybe the simpler explanation is there is no smoking gun or changes even with communicating about, if or until they are submitted and approved by the state. Doesn’t affect your savings rate tomorrow and you don’t need to know, and you do not have a right to know right now.
Or…the CEO could just answer the question. Why the need for all of this evasion?
DeleteShe answered the question at the annual meeting.
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