17-2208.   Officers; board of directors; committees; suspension of members, when.(a) Annually the members of the credit union shall elect members of a boardof directors as shall be provided in the bylaws. The bylaws shall statethe manner of appointment or election of a supervisory committee and a creditcommittee. All directors and committee members shall be chosen from themembership. They shall hold their several offices for such terms as maybe provided in the bylaws and until their successors are elected or appointedand qualified.

      (b)   Unless the number of members of the credit union is less than 11,no member of the board shall be a member of either of the committees, exceptthe treasurer may serve as a member of the credit committee and one memberof the supervisory committee may be a director other than the treasurer. Regular terms of supervisory committee members shall be for such term asshall be provided in the bylaws and until the selection and qualificationof their successors.

      (c)   All members of the board and committees and all officers shall besworn and shall hold their several offices for such terms as may be providedin the bylaws. The oath shall be subscribed by the individualtaking it and certified by the officer before whom it is taken and shallimmediately be transmitted to the administrator and filed and preservedin the administrator's office.

      (d)   The board of directors may suspend any or all members of the creditand supervisory committees for failure to perform their duties until thenext members' meeting, which members' meeting shall be held not less thanseven nor more than 21 days after such suspension and at which meeting suchsuspension shall be acted upon by the members.

      History:   L. 1929, ch. 141, § 8; L. 1957, ch. 152, § 2; L. 1965,ch. 153, § 1; L. 1968, ch. 160, § 5; L. 1977, ch. 77, § 1; L. 1982,ch. 102, § 4; July 1.