17-2208. Officers; board of directors; committees; suspension of members, when.
17-2208
17-2208. Officers; board of directors; committees; suspension of members, when.
(a) Annually the members of the credit union shall elect members of a board
of directors as shall be provided in the bylaws. The bylaws shall state
the manner of appointment or election of a supervisory committee and a credit
committee. All directors and committee members shall be chosen from the
membership. They shall hold their several offices for such terms as may
be provided in the bylaws and until their successors are elected or appointed
and 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, except
the treasurer may serve as a member of the credit committee and one member
of the supervisory committee may be a director other than the treasurer.
Regular terms of supervisory committee members shall be for such term as
shall be provided in the bylaws and until the selection and qualification
of their successors.
(c) All members of the board and committees and all officers shall be
sworn and shall hold their several offices for such terms as may be provided
in the bylaws. The oath shall be subscribed by the individual
taking it and certified by the officer before whom it is taken and shall
immediately be transmitted to the administrator and filed and preserved
in the administrator's office.
(d) The board of directors may suspend any or all members of the credit
and supervisory committees for failure to perform their duties until the
next members' meeting, which members' meeting shall be held not less than
seven nor more than 21 days after such suspension and at which meeting such
suspension 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.