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

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

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

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

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

(4)  Promoting the extension of credit at the lowestpossible rates and cooperating with every group of people who may be or maybecome interested in the formation and development of a credit union under thisarticle;

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

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

(c)  Board meetings shall be held at such timesand 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 shallconstitute a quorum at any meeting and a majority vote of those present shallprevail.  No member of the board shall be qualified to act in any matterinvolving a credit union of which the advisory board member is an officer,director, committee person, member, employee, or to which the board member isindebted.  The members of the board shall serve without compensation but shallbe reimbursed through the office of the commissioner for expenses incurred inthe 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.