Security Federal removes 70.5 age limit for officers in bylaw amendment

SECURITY FEDERAL CORP

Board approved deletion of Article V, Section 12 (Age Limitation – Officers) from Bylaws, effective January 4, 2024.
Previously, officers were subject to a 70.5-year age limit; the provision is eliminated entirely.
No fiscal year change or other bylaw amendments reported.

Key facts

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

SECURITY FEDERAL CORP: Deleted Article V, Section 12 - Age Limitation for Officers, which set an age limit of 70 1/2 years old.

Change: bylaw amendment

Exact text from the filing

Security Federal Corporation (“Company”)’s Board of Directors approved an amendment of its Bylaws to delete in its entirety Article V – Officers – Section 12. Age Limitation – Officers , which previously contained an age limit of 70 1⁄2 years old for officers of the Company. This amendment is effective immediately.

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Source: SEC EDGAR

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