We have reviewed the proposed bylaw amendment that would add a provision to Article VII, Section 4 of the FCU’s current bylaws, which are the December 1987 version, to limit the number of times a director may participate in board meetings by teleconference to six times per year. FCU Bylaws 12/87, Article VII, Section 4. In accordance with the requirements of NCUA Delegations of Authority, Supervision 12, we concur with your decision to approve the amendment.
Sheila A. Albin,
Associate General Counsel