GC/CJL:bhs
03-0718
TO:
FROM: Sheila A. Albin, Associate General Counsel
SUBJ: Nonstandard Bylaw Amendment
DATE:
We have reviewed the proposed bylaw amendment that would add a provision to
Article VI, Section 5 of the FCU’s current bylaws, to limit the number
of times a director may participate in board meetings by teleconference to
two times per year. In accordance with the requirements of NCUA Delegations
of Authority, Supervision 12, we concur with your decision to approve the
amendment. We note we concurred with a similar amendment reviewed by [ ]
in OGC legal opinion 03-0158, dated February 4, 2003.