Codorus Valley amends bylaws to allow flexible annual meeting date; declares $0.17 dividend

CODORUS VALLEY BANCORP INC

Bylaw amendment removes May 31 annual meeting deadline; board may now fix any date consistent with Pennsylvania law.
Amendment is intended to facilitate timing of special meeting for shareholder vote on pending merger with Orrstown.
If merger closes early in 2024, no annual meeting of Codorus Valley shareholders will be held.
Regular quarterly dividend of $0.17 per share declared, payable Feb 13, 2024 to holders of record Jan 23, 2024.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

CODORUS VALLEY BANCORP INC: Amendment to By-Laws to allow annual meeting date to be fixed by Board, removing requirement to hold by May 31 each year (effective 2024-01-09).

Change: bylaw amendment
Effective: 2024-01-09

Exact text from the filing

the Board unanimously approved an amendment (the “By-Law Amendment”) to the Corporation’s Amended and Restated By-Laws (the “By-Laws”), which became effective on January 9, 2024, to allow for the Corporation’s annual meeting of shareholders to be held at such time, date, and place as may be fixed by the Board of Directors that is not inconsistent with the laws of the Commonwealth of Pennsylvania in effect at the time so fixed.

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Source: SEC EDGAR

accession 0000897101-24-000012

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