Subdivision 1. Annual and special. An annual meeting of the members of each mutual association shall be held in the month of January, as fixed in the bylaws of the association. Special meetings may be called as provided in the bylaws.
Subd. 2. Members entitled to vote. The members who shall be entitled to vote at any meeting of the members shall be those who are members of record at the end of the calendar month next preceding the date of the meeting of members, except those who have ceased to be members. The number of votes which members shall be entitled to cast shall be in accordance with the books on the date determinative of entitlement to vote.
Subd. 3. Voting rights. In the determination of all questions requiring action by the members, each member shall be entitled to cast one vote, plus an additional vote for each $100 or fraction thereof of the withdrawal value of savings accounts, if any, held by the member. No member, however, shall cast more than 150 votes.
Subd. 4. Voting by proxy. At any meeting of the members, voting may be in person or by proxy, provided that 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 prior to the date of the meeting. Every proxy shall be in writing and signed by the member or a duly authorized attorney-in-fact and, when filed with the secretary, shall, unless otherwise 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in the proxy, continue in force from year to year until revoked by a writing duly delivered to the secretary or until superseded by subsequent proxies.
Subd. 5. Quorum. At an annual meeting or at any special meeting of the members, any number of members present in person or by proxy eligible to be voted constitutes a quorum. A majority of all votes cast at any meeting of members shall determine any question unless sections 51A.01 to 51A.57 specifically provide otherwise.
1969 c 490 s 9; 1981 c 276 s 12; 1986 c 444; 1996 c 414 art 1 s 44; 1997 c 157 s 67; 1998 c 260 s 1
Structure Minnesota Statutes
Chapter 51A — Savings Associations
Section 51A.03 — Incorporation.
Section 51A.04 — Organization Of Mutual Associations.
Section 51A.041 — Organization Of Capital Stock Associations.
Section 51A.05 — Name; Office.
Section 51A.065 — Mutual And Capital Stock Conversions.
Section 51A.07 — Power To Reorganize, Merge, Or Consolidate.
Section 51A.09 — Meetings Of Members Of Mutual Associations.
Section 51A.10 — Membership Charges Prohibited.
Section 51A.11 — Access To Books And Records; Communication With Members Or Stockholders.
Section 51A.12 — Financial Statement; Mutual Associations.
Section 51A.13 — Directors Of Mutual Associations.
Section 51A.131 — Directors Of Capital Stock Associations.
Section 51A.14 — Indemnity Bonds.
Section 51A.15 — Transactions Of Officers And Directors.
Section 51A.16 — Depositories.
Section 51A.17 — Indemnification Of Officers, Directors And Employees.
Section 51A.20 — Reserve Accounts; Surplus And Undivided Profits.
Section 51A.21 — Powers Of Association.
Section 51A.22 — Savings Liability.
Section 51A.23 — Savings Account.
Section 51A.24 — Contracts For School Savings Programs.
Section 51A.251 — Married Persons And Minors.
Section 51A.261 — Deposits In Name Of Minor.
Section 51A.262 — Multiparty Accounts.
Section 51A.27 — Pledge To Association Of Savings Accounts In Joint Tenancy.
Section 51A.29 — Accounts Of Incompetents.
Section 51A.30 — Accounts Of Deceased Nonresidents.
Section 51A.31 — Savings Accounts As Legal Investments.
Section 51A.35 — Investment In Securities.
Section 51A.37 — Investment In Loans.
Section 51A.386 — Terms And Conditions Of Loans, Contracts, And Extensions Of Credit.
Section 51A.40 — Dealing With Successors In Interest.
Section 51A.41 — Right To Act To Avoid Loss.
Section 51A.42 — Savings Associations.
Section 51A.43 — Supervisory Power Of Commissioner.
Section 51A.44 — Reports And Examinations.
Section 51A.45 — Enforcement And Conservatorship.
Section 51A.46 — Receivership.
Section 51A.47 — Correction Of Wrongdoings By Unimpaired Institution.
Section 51A.48 — Right To Declaratory Judgment.
Section 51A.50 — Federal Associations.
Section 51A.53 — Powers Of Federal Associations; Approval.
Section 51A.54 — Insolvent Associations Liquidated.
Section 51A.56 — Act Controlling.