On December 10, 2024, Muncy Columbia Financial Corporation's board of directors amended the company's bylaws. Section 10.2 was updated to require directors to beneficially own a minimum amount of common stock, rather than owning shares in their own name or jointly with a spouse. A new Section 16.4 was added, allowing the board to establish minimum beneficial ownership requirements for designated officers.
Concurrently, the board established a new Share Ownership Policy, mandating that directors and designated officers of the company and its subsidiary, Journey Bank, beneficially own specified amounts of the company's common stock. The policy sets December 31, 2029, as the compliance date for individuals holding positions as of December 10, 2024.
For new appointments after December 10, 2024, the compliance date is five years from the initial appointment or election. If an officer or director is promoted to a position with a higher minimum share requirement, the compliance date is extended by an additional three to five years. Compliance is assessed annually on December 31, and once achieved, officers and directors must maintain ownership of at least the same number of shares.
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