§412:7-407 Voting. (a) The bylaws of the association shall fix the eligibility of members who shall be entitled to vote in person or by proxy at any regular or special meeting.

(b) Each member, other than a borrower, shall be entitled to one vote for every $100 or fraction thereof of the withdrawal value of such member's account, regardless of the number of deposit accounts such member has at the association. Each borrower shall have one vote in addition to any votes such member may have otherwise. Notwithstanding the foregoing, no member shall be entitled to more than one thousand votes.

(c) Account holders and borrowers who are members shall not be considered separate classes of stock for purposes of any law requiring the vote of each class of stock in corporations with more than one class of stock.

(d) Voting may be by proxy, provided that all proxies must be in writing and shall be signed by the member or the member's attorney-in-fact, and shall continue in force from year to year unless revoked in a writing sent to the secretary of the association. Nothing in this section shall prevent a member from voting in person at any meeting. [L 1993, c 350, pt of §1]