... to paraphrase a commenter.
Need to finish up with the look at the letter [link] from Ms. Cathleen Plaut, SECU Chief Legal Officer (CLO), describing her growing list of prohibitions eliminating SECU members' democratic rights in their credit union. The scales of justice have intentionally been tipped out of balance - not a promising sign.
No need to repeat the new prohibitions against SECU members speaking at the annual meeting or addressing the credit union Board with suggestions or resolutions. Ms. Plaut confesses to these prohibitions. Ms. Plaut does conveniently under-cite an NCUA legal opinion permitting the elimination of member resolutions from the floor. The SECU member letter to which Ms. Plaut was responding requested procedures for submitting member resolutions in advance of the meeting. Advance resolutions are authorized under both federal and state credit union bylaws under "New Business" - and are legally mandated under all business/corporation law. In the business world, barring individual shareholder resolutions is not optional.
In her letter, the CLO seems to realize that the member resolution prohibition doesn't stand up to impartial scrutiny, nor what's legally required. So in passing, the letter states that SECU members do have the right to make such resolutions if they call a "Special Meeting". Unfortunately on that legal "Hail Mary" - as you might suspect - no procedures nor format for such a "Special Meeting" exist at SECU! Remarkable for the CLO to suggest a "Special Meeting" for which no Board approved rules exist.
The CLO also states: "Allowing member resolutions related to the operations of a credit union would usurp the role of the Board of Directors...". No SECU member has ever submitted a resolution attempting "to usurp the Board" related to the operations of the credit union. Not aware of any member who is interested in doing so! A more diplomatic, member-first CLO might have simply thought to ask what folks had in mind... wouldn't you? Again that question: "Why does the SECU Board fear the members?"
Lastly, if you're one of those "conspiracy theory"-types... and who isn't these days! Take note of one other "midnight approved" SECU bylaw change, which would allow the SECU annual meeting to be held "virtually". Can well-understand that the Board might at this point wish that the annual meeting "would go away", but neither NC statutes, nor federal credit union laws permit a virtual-only annual meeting! In fact, Mr. Schline, CEO of the CU trade association, has been trying to change NC law for four years (H410/H187!) without success to make a virtual only meeting legal!!!
😎 How can SECU have adopted a state regulator-approved bylaw amendment, which does not conform to existing NC law? A "seat of the pants, make up "stuff" as you go" legal environment? It all sounds a bit silly... but much is at stake for 2.5+ million North Carolinians.
✅ Will write our Credit Union regulator tomorrow for clarification; it's her call. North Carolinians surely don't want to endure an Ayn Rand state of "ultimate inversion"...
"You'll know what you need to know when you know it."
