Membership Share

(Sections 307.020 and 370.080)

Current law provides that membership shares in a credit union shall have a par value of $25-100. This act lowers the par value minimum to $1 and removes the upper limit.

Merged Credit Unions - Field of Membership

(Section 370.081)

Upon the merger of two or more credit unions the field of membership of the surviving credit union shall include the field of membership of the surviving credit union and each of the merged credit unions.

Virtual Participation in Board Meetings

(Section 370.200)

Unless specifically prohibited by the bylaws, directors may participate in and act at any meeting of the board through the use of a telephone or other electronic or virtual means. Participation by directors in a meeting may be in any combination of in person, telephone, or other electronic or virtual means provided that all directors participating can communicate simultaneously. Any action taken during such meeting shall have the same binding and legal effect as is conducted fully in person. Votes and other actions of the directors may be conducted by electronic means, including remote or online systems, provided that appropriate measures are taken to verify the identity of voting directors and to ensure the integrity of the process.

SCOTT SVAGERA