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Polish and Slavic FCU Board Formally Disqualifies Petition

BROOKLYN, New York - The board of directors of the $1 billion Polish and Slavic FCU has formally disqualified a petition which backers allege that 1,500 credit union members signed. The board said that it had taken the action after it had the petition reviewed by an outside law firm...

By Staff Writer | Updated on January 18, 2005

BROOKLYN, New York – The board of directors of the $1 billion Polish and Slavic FCU has formally disqualified a petition which backers allege that 1,500 credit union members signed. The board said that it had taken the action after it had the petition reviewed by an outside law firm which is independent of PSFCU. The firm’s review found that the petition lacked the necessary detail about alleged wrongdoing that it required according to the credit union’s bylaws, NCUA guidance and the requirements of New York State law. “For example a charge that states a `breach of a duty’ must also include specific facts that would support it legally. The petition failed to include the alleged action taken by the named directors and supervisory committee members for which their removal was being sought.” Since it disqualified the petition, the credit union board did not verify the signatures nor call a special meeting, the board said. None of the organizers of the petition were available to comment as of press time.

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