§ 6.1-194.17. Voting rights; proxies
In mutual savings and loan associations the right of members to vote may not be conferred or limited by the articles of incorporation. 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 such member. No member, however, shall be entitled to cast more than fifty votes. 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 such proxy shall have been filed with the secretary of the association, for verification, at least five days prior to the date of such meeting. Each proxy shall be in writing and signed by the member or his 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in force from year to year until revoked by a writing duly delivered to the secretary of the association or until superseded by subsequent proxies or upon the member's ceasing to be a member of the association.
(Code 1950, §§ 6-210.11, 6.1-136, 6.1-195.10; 1960, c. 402; 1966, c. 584; 1972, c. 796; 1985, c. 425.)
Sections: Previous 6.1-194.10 6.1-194.11 6.1-194.12 6.1-194.13 6.1-194.14 6.1-194.15 6.1-194.16 6.1-194.17 6.1-194.18 6.1-194.19 6.1-194.20 6.1-194.21 6.1-194.22 6.1-194.23 6.1-194.24 NextLast modified: April 2, 2009