Missouri SB1424 modifies credit union regulations, including membership criteria and board duties.
Missouri SB1424 modifies provisions relating to credit unions by updating membership criteria and board duties. It allows credit unions to expand their geographic area if the main office relocates. The bill also specifies that membership shares have a par value between one and one hundred dollars and cannot be pledged as security. The board of directors is tasked with managing the credit union's affairs, including approving budgets, declaring dividends, and handling membership applications and appeals.
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