The flat rule that a board meet once a month is struck
What the document says“in subsection (a) (as so designated), by striking ``shall meet at least once a month and''; and”
The section amends section 113 of the Federal Credit Union Act by striking the word monthly wherever it appears, designating the opening matter as subsection (a), and striking the requirement that the board meet at least once a month.
What the document actually says“in subsection (a) (as so designated), by striking ``shall meet at least once a month and''; and”
Words about meeting at least once a month come out of an older law.
Every federal credit union board once had to meet monthly. That rule applied whatever the size or shape of the credit union. It is now replaced.
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