6-416. Record date for voting, dividend and
other purposes
For the purpose of determining the holders of accounts and of shares of guaranty
capital, and membership entitled to notice of or to vote at any meeting of the members,
or in order to make a determination of the members, holders, or other persons for any
other proper purpose, the by-laws may provide for a record date, not less than ten days
nor more than forty days before the meeting, or other event or transaction with regard to
which the determination is to be made; and such determination shall be made as of the
close of business on such record date. If the by-laws do not provide for a record date,
the board of directors may fix such a date for each such determination, within the time
stated above; and if the board of directors shall fail to so fix a date, the record date
for a meeting shall be the date on which the first notice of meeting is given. Accounts
withdrawn or retired after such record date shall not be voted or counted in determining
the number of accounts outstanding. This section shall be applicable to the dividend
payments on guaranty capital, but dividends on accounts shall be governed by section
6-442.
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