North Dakota Century Code Title 6. Banks and Banking § 6-06.2-14. Membership, voting, meetings, and bylaws

a. Must be noticed at least fifteen days before the meeting date and include the time, place, and agenda for any items considered at the meeting.

b. May be conducted virtually if permitted within the bylaws.

a. Fill any vacancies on the board of directors as outlined in the bylaws; and

b. Review the financial conditions of the cooperative financial institution, financial performance since the prior annual meeting, and the projection for the upcoming year.

a. May exercise powers of the cooperative financial institution not expressly reserved for the members.

b. May not be fewer than five or more than fifteen members as outlined in the bylaws.

c. Must be elected to terms of one to three years and until their successors are elected, and shall serve staggered terms with approximately one-third of the board positions up for consideration at any given annual meeting, as outlined in the bylaws.

d. Must be elected from the membership of the cooperative financial institution, and nomination shall be made of any member in good standing and following a nomination process as outlined in the bylaws.

e. Must set the time and place of meetings as outlined in the bylaws, with a minimum of twenty-four hours' notice required unless waived by all members of the board.

f. Shall elect from among the elected board members, officers, including the positions of chair, vice chair, treasurer, and recorder, with duties and responsibilities as outlined in the bylaws.

g. Must be independent and the majority of board of directors may not be employees of the cooperative financial institution.

h. Must be made up of at least two members with appropriate banking experience.

i. Must be made up of at least two-thirds members who are both citizens of the United States and North Dakota residents.

j. May remove a board member as outlined in the bylaws.