6-537

6-537. Certain duties of directors;
insurance

A. In addition to the duties prescribed in this chapter, the board of directors
shall meet at least monthly and shall:

1. Purchase adequate fidelity coverage for the credit union covering the president
and other officials and employees handling or having custody of monies or property of the
credit union.

2. Authorize the employment and compensation of the president, who may hire other
persons as are necessary to carry out the business of the credit union.

3. Approve an operating budget for the credit union.

4. Authorize the conveyance of property.

5. Borrow or lend money to carry on the functions of the credit union.

6. Appoint special committees.

B. The board of directors shall perform other duties as the members from time to
time may direct and perform or authorize any action not inconsistent with law or not
specifically reserved by the bylaws to the members.

C. The board of directors shall purchase and maintain insurance for the credit
union on behalf of a person who is or was a director, officer, employee or agent of the
credit union, or who is or was serving at the request of the credit union as a director,
officer, employee or agent of another corporation, partnership, joint venture, trust or
other enterprise, against any liability asserted against the person and incurred by the
person in any such capacity or arising out of the person's status as such, whether or not
the credit union would have the power to indemnify the person against the liability.