26-2116. Board of directors. The board shall have the general management of the affairs, funds, and records of the credit union and shall meet as often as necessary, but not less than once each month. It shall be the special duty of the directors to:
(a) Act upon applications for membership; or, to appoint a membership committee or membership officers from among the members of the credit union other than the treasurer, and assistant treasurer, who may be authorized by the board to approve applications for membership under such conditions as the board may prescribe; except that such committee or membership officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require.
(b) Purchase a blanket fidelity bond in a form prescribed or approved by the director, covering the officers, employees, members of official committees, attorneys-at-law and other agents, with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance and for faithful performance of duty. The department of finance shall prescribe in its rules and regulations the amount of minimum bond coverage required for all credit unions according to their asset categories. At any time that a credit union does not have a bond in force and effect the board of directors of the credit union shall automatically suspend all operations of the credit union until such time as a new bond becomes effective.
(c) Determine from time to time the rate(s) of interest consistent with the provisions of this chapter which shall be charged on loans and determine the rate(s) of interest refunds, if any, to be paid to borrowing members, the qualifications for participation, and the manner of computation and payment. Such interest rebates are to be paid from the credit balance of the current earnings period.
(d) To declare dividends and fix the rates of interest on members’ certificates of deposit, nonmembers’ certificates of indebtedness and other thrift accounts as provided for in this chapter.
(e) Fill vacancies occurring between annual meetings on the board, credit committee, and supervisory committee until the election or appointment and qualification of their successors.
(f) Fix from time to time the maximum amount, both secured and unsecured, which may be loaned to any one (1) member, and determine the maximum individual shareholdings.
(g) Have charge of the investment of surplus funds of the credit union in such investments as provided in this chapter.
(h) Authorize the employment of such person or persons as may be necessary to carry on the business of the credit union and shall authorize the compensation of such employees.
(i) Authorize the conveyance of property.
(j) Borrow or lend money to carry on the functions of the credit union.
(k) Designate a depository or depositories for the funds of the credit union.
(l) Upon two-thirds (2/3) approval, the board may suspend any or all members of the credit or supervisory committees for failure to perform their duties subject to a hearing to be held within twenty (20) days.
(m) Establish and provide auditing assistance requested by the supervisory committee.
(n) Any officer, director, or committee member who fails to attend regular meetings for three (3) consecutive meetings without cause, or who otherwise fails to perform any of the duties required of him as an official, may be suspended from his official position, but only after such official has been given reasonable notice of a meeting for suspension and the opportunity to be heard on such charges.
(o) Perform or authorize any action consistent with this chapter not specifically reserved by the bylaws or this chapter for the members.
(p) The board may appoint from its own members an executive committee to exercise such authority as may be delegated to it by the board between meetings of the board.
26-2116. Board of directors. The board shall have the general management of the affairs, funds, and records of the credit union and shall meet as often as necessary, but not less than once each month. It shall be the special duty of the directors to:
(a) Act upon applications for membership; or, to appoint a membership committee or membership officers from among the members of the credit union other than the treasurer, and assistant treasurer, who may be authorized by the board to approve applications for membership under such conditions as the board may prescribe; except that such committee or membership officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require.
(b) Purchase a blanket fidelity bond in a form prescribed or approved by the director, covering the officers, employees, members of official committees, attorneys-at-law and other agents, with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance and for faithful performance of duty. The department of finance shall prescribe in its rules and regulations the amount of minimum bond coverage required for all credit unions according to their asset categories. At any time that a credit union does not have a bond in force and effect the board of directors of the credit union shall automatically suspend all operations of the credit union until such time as a new bond becomes effective.
(c) Determine from time to time the rate(s) of interest consistent with the provisions of this chapter which shall be charged on loans and determine the rate(s) of interest refunds, if any, to be paid to borrowing members, the qualifications for participation, and the manner of computation and payment. Such interest rebates are to be paid from the credit balance of the current earnings period.
(d) To declare dividends and fix the rates of interest on members’ certificates of deposit, nonmembers’ certificates of indebtedness and other thrift accounts as provided for in this chapter.
(e) Fill vacancies occurring between annual meetings on the board, credit committee, and supervisory committee until the election or appointment and qualification of their successors.
(f) Fix from time to time the maximum amount, both secured and unsecured, which may be loaned to any one (1) member, and determine the maximum individual shareholdings.
(g) Have charge of the investment of surplus funds of the credit union in such investments as provided in this chapter.
(h) Authorize the employment of such person or persons as may be necessary to carry on the business of the credit union and shall authorize the compensation of such employees.
(i) Authorize the conveyance of property.
(j) Borrow or lend money to carry on the functions of the credit union.
(k) Designate a depository or depositories for the funds of the credit union.
(l) Upon two-thirds (2/3) approval, the board may suspend any or all members of the credit or supervisory committees for failure to perform their duties subject to a hearing to be held within twenty (20) days.
(m) Establish and provide auditing assistance requested by the supervisory committee.
(n) Any officer, director, or committee member who fails to attend regular meetings for three (3) consecutive meetings without cause, or who otherwise fails to perform any of the duties required of him as an official, may be suspended from his official position, but only after such official has been given reasonable notice of a meeting for suspension and the opportunity to be heard on such charges.
(o) Perform or authorize any action consistent with this chapter not specifically reserved by the bylaws or this chapter for the members.
(p) The board may appoint from its own members an executive committee to exercise such authority as may be delegated to it by the board between meetings of the board.
26-2116. Board of directors. The board shall have the general management of the affairs, funds, and records of the credit union and shall meet as often as necessary, but not less than once each month. It shall be the special duty of the directors to:
(a) Act upon applications for membership; or, to appoint a membership committee or membership officers from among the members of the credit union other than the treasurer, and assistant treasurer, who may be authorized by the board to approve applications for membership under such conditions as the board may prescribe; except that such committee or membership officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require.
(b) Purchase a blanket fidelity bond in a form prescribed or approved by the director, covering the officers, employees, members of official committees, attorneys-at-law and other agents, with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance and for faithful performance of duty. The department of finance shall prescribe in its rules and regulations the amount of minimum bond coverage required for all credit unions according to their asset categories. At any time that a credit union does not have a bond in force and effect the board of directors of the credit union shall automatically suspend all operations of the credit union until such time as a new bond becomes effective.
(c) Determine from time to time the rate(s) of interest consistent with the provisions of this chapter which shall be charged on loans and determine the rate(s) of interest refunds, if any, to be paid to borrowing members, the qualifications for participation, and the manner of computation and payment. Such interest rebates are to be paid from the credit balance of the current earnings period.
(d) To declare dividends and fix the rates of interest on members’ certificates of deposit, nonmembers’ certificates of indebtedness and other thrift accounts as provided for in this chapter.
(e) Fill vacancies occurring between annual meetings on the board, credit committee, and supervisory committee until the election or appointment and qualification of their successors.
(f) Fix from time to time the maximum amount, both secured and unsecured, which may be loaned to any one (1) member, and determine the maximum individual shareholdings.
(g) Have charge of the investment of surplus funds of the credit union in such investments as provided in this chapter.
(h) Authorize the employment of such person or persons as may be necessary to carry on the business of the credit union and shall authorize the compensation of such employees.
(i) Authorize the conveyance of property.
(j) Borrow or lend money to carry on the functions of the credit union.
(k) Designate a depository or depositories for the funds of the credit union.
(l) Upon two-thirds (2/3) approval, the board may suspend any or all members of the credit or supervisory committees for failure to perform their duties subject to a hearing to be held within twenty (20) days.
(m) Establish and provide auditing assistance requested by the supervisory committee.
(n) Any officer, director, or committee member who fails to attend regular meetings for three (3) consecutive meetings without cause, or who otherwise fails to perform any of the duties required of him as an official, may be suspended from his official position, but only after such official has been given reasonable notice of a meeting for suspension and the opportunity to be heard on such charges.
(o) Perform or authorize any action consistent with this chapter not specifically reserved by the bylaws or this chapter for the members.
(p) The board may appoint from its own members an executive committee to exercise such authority as may be delegated to it by the board between meetings of the board.
