HIGHTSTOWN, N.J. (9/25/08)--During the 74th annual New Jersey Credit Union League conference, New Jersey credit unions approved three proposed bylaw amendments changing the league’s governance structure. Last year, the league appointed a governance task force to make recommendations on an appropriate governance structure. The board approved recommendations and presented them to the membership in bylaw amendments. The governance amendment:
* Reduces the league board’s size from 15 to 9; * Implements term limits of three consecutive, three-year terms; * Implements asset tiers for board representation with three seats for credit unions $25 million in assets and under, three seats for credit unions over $25 million and three at-large positions for credit unions of any asset size; * Requires board members to be either a president/CEO or director of a credit union in good standing with the league; and * Eliminates the geographical representation of the past governance structure. Board candidates can run for any of the three tiers from anywhere in the state. Beginning in October, all nine board seats will be up for election, with the new board seated in January 2009.
A second bylaw amendment changes the governance structure of the league’s service corporations by opening up board seats to individuals outside of the league board of directors, and creates a seven-person board with a chairman, vice chairman, and five at-large directors. Two of the directors will be league board members, and the other three will be from league-affiliated credit unions. A third bylaw amendment was amended from the floor to eliminate the need for a three-days’ notice for board meetings. Credit unions said the amendment would give the board flexibility to act on time-sensitive matters. An allowance for board meetings to be held every other month was approved.