§412:10-125  Credit union advisory board.  (a) 
There shall be a credit union advisory board consisting of five members
appointed pursuant to section 26-34 by the governor who shall also designate
the chairperson of the board.  There shall be at least one member from each of
the counties who shall serve for four years.  The terms of the members shall be
staggered and shall expire as follows: one on December 31 after the year
that this chapter becomes law and one at the end of each succeeding calendar
year thereafter.  The governor shall appoint persons of tested credit union
experience and who are members of credit unions operating under this chapter. 
However, until such time that there are credit unions operating under this
chapter, the governor may make appointments to the board of persons with tested
credit union experience from any credit union operating in this State.



(b)  The powers and duties of the board shall
include, but not be limited to:



(1)  Advising the commissioner and others in improving
the operations and supervision of credit unions;



(2)  Making necessary recommendations as to procedural
rules pursuant to chapter 91;



(3)  Proposing laws and rules to safeguard the
interest of depositors and members;



(4)  Promoting the extension of credit at the lowest
possible rates and cooperating with every group of people who may be or may
become interested in the formation and development of a credit union under this
article;



(5)  Keeping detailed minutes of each board meeting;
and



(6)  Other duties designated by the commissioner or as
provided by this article.



(c)  Board meetings shall be held at such times
and places as shall be determined by the chairperson and the commissioner. 
Meetings may be called as needed, either by the chairperson, the commissioner,
or a majority of the board members.



(d)  Three members of the board shall
constitute a quorum at any meeting and a majority vote of those present shall
prevail.  No member of the board shall be qualified to act in any matter
involving a credit union of which the advisory board member is an officer,
director, committee person, member, employee, or to which the board member is
indebted.  The members of the board shall serve without compensation but shall
be reimbursed through the office of the commissioner for expenses incurred in
the performance of their duties. [L 1993, c 350, pt of §1; gen ch 1993]



 



Note



 



  Effective date of L 1993, c 350 is July 1, 1993.