17-2209.Directors to elect officers; duties of board; executive
committee.
(a) At the first meeting and at each first meeting in the fiscal year
following the annual meeting of the credit union, the board of directors
shall elect from their own number an executive officer who may be designated
as chairperson of the board or president, a
vice-chairperson of the board or one or more vice-presidents, a treasurer
and a secretary, of
whom the last two may be the same individual, and the persons so elected
shall be the executive officers of the corporation. The board of
directors may employ an officer in charge of operations whose title
shall be either president or general manager; or, in lieu thereof, the
board of directors may designate the treasurer or an assistant treasurer
to act as the officer in charge of operations and be in active charge of
the affairs of the
credit union.
(b) The board of directors shall have the general management
of the affairs, funds and records of the corporation, and unless they
shall be specifically reserved to the members it shall be the special
duty of the directors:
(1) To act upon all applications for membership and on the exclusion
of members. The board of directors may, however, delegate authority to a
membership officer or officers to approve applications for membership
under such conditions as it prescribes not inconsistent with the bylaws
or law of the state. The membership officer or officers may approve but
not reject, applications for membership. All unapproved applications
shall pend until the board acts upon them.
(2) To determine, from time to time, rates of interest which shall
be charged on loans and to authorize interest refunds, if any, on such classes
of loans and under such conditions as the board prescribes.
(3) To acquire surety bonds, the amount and type of which shall be subject
to the administrator's
approval.
(4) To fix the maximum number of shares which may be held by, and
the maximum or minimum amount which may be loaned to, any one member;
to establish the policies of the credit union with respect to the granting
of loans and the extending of lines of credit; to set such limits and balances
as required for services which are to be applicable to all members in a
category; and to recommend or approve amendments to the bylaws.
(5) To fill vacancies on the board of directors and credit committee
until the election and qualification of successors and to fill vacancies
in the supervisory committee if the bylaws so allow.
(6) To have charge of the investment of funds of the credit union,
other than loans to members, except that the board may designate an investment
committee or any qualified individual to have charge of investments under
conditions established by the board; to authorize donations for civic, charitable,
scientific, literary or educational purposes; to set fees and charges for
the credit unions' services and to establish policies for their application;
and to perform such other duties as the
members may, from time to time, authorize.
(7) To meet at least six times each year with at least one
meeting in each quarter-year period.
(c) No member of the board of directors
or of the credit or supervisory committee shall receive any compensation
as a member of the board or committee. The provision of reasonable life,
health, accident, disability and similar insurance protection for a director
or committee member shall not be considered compensation. Directors and
committee members, while on official business of the credit union, may be
reimbursed for necessary expenses incidental to the performance of the business.
The credit union may compensate any director, committee member or officer
for loss of salary or wages due to
the performance of business on behalf of the credit union.
No salary shall
be paid to any officer or other employee of a credit union except such
as may have been duly approved by the board of directors.
(d) If provided for in the bylaws, the board of directors may elect an
executive committee of not less than three board members. Such executive
committee shall have and be able to execute such powers, duties and
responsibilities of the board of directors as the bylaws may provide at such
times other than regular or special meetings of the board of directors.
Meetings of the executive committee shall not be counted to fulfill the
requirements of paragraph (7) of subsection (b).
History: L. 1929, ch. 141, § 9; L. 1951, ch. 204, § 3; L. 1957,
ch. 152, § 3; L. 1963, ch. 140, § 2; L. 1965, ch. 153, § 2; L.
1968, ch. 160, § 6; L. 1973, ch. 94, § 1; L. 1982, ch. 102, § 5;
L. 1992, ch. 225, § 3; July 1.
17-2209.Directors to elect officers; duties of board; executive
committee.
(a) At the first meeting and at each first meeting in the fiscal year
following the annual meeting of the credit union, the board of directors
shall elect from their own number an executive officer who may be designated
as chairperson of the board or president, a
vice-chairperson of the board or one or more vice-presidents, a treasurer
and a secretary, of
whom the last two may be the same individual, and the persons so elected
shall be the executive officers of the corporation. The board of
directors may employ an officer in charge of operations whose title
shall be either president or general manager; or, in lieu thereof, the
board of directors may designate the treasurer or an assistant treasurer
to act as the officer in charge of operations and be in active charge of
the affairs of the
credit union.
(b) The board of directors shall have the general management
of the affairs, funds and records of the corporation, and unless they
shall be specifically reserved to the members it shall be the special
duty of the directors:
(1) To act upon all applications for membership and on the exclusion
of members. The board of directors may, however, delegate authority to a
membership officer or officers to approve applications for membership
under such conditions as it prescribes not inconsistent with the bylaws
or law of the state. The membership officer or officers may approve but
not reject, applications for membership. All unapproved applications
shall pend until the board acts upon them.
(2) To determine, from time to time, rates of interest which shall
be charged on loans and to authorize interest refunds, if any, on such classes
of loans and under such conditions as the board prescribes.
(3) To acquire surety bonds, the amount and type of which shall be subject
to the administrator's
approval.
(4) To fix the maximum number of shares which may be held by, and
the maximum or minimum amount which may be loaned to, any one member;
to establish the policies of the credit union with respect to the granting
of loans and the extending of lines of credit; to set such limits and balances
as required for services which are to be applicable to all members in a
category; and to recommend or approve amendments to the bylaws.
(5) To fill vacancies on the board of directors and credit committee
until the election and qualification of successors and to fill vacancies
in the supervisory committee if the bylaws so allow.
(6) To have charge of the investment of funds of the credit union,
other than loans to members, except that the board may designate an investment
committee or any qualified individual to have charge of investments under
conditions established by the board; to authorize donations for civic, charitable,
scientific, literary or educational purposes; to set fees and charges for
the credit unions' services and to establish policies for their application;
and to perform such other duties as the
members may, from time to time, authorize.
(7) To meet at least six times each year with at least one
meeting in each quarter-year period.
(c) No member of the board of directors
or of the credit or supervisory committee shall receive any compensation
as a member of the board or committee. The provision of reasonable life,
health, accident, disability and similar insurance protection for a director
or committee member shall not be considered compensation. Directors and
committee members, while on official business of the credit union, may be
reimbursed for necessary expenses incidental to the performance of the business.
The credit union may compensate any director, committee member or officer
for loss of salary or wages due to
the performance of business on behalf of the credit union.
No salary shall
be paid to any officer or other employee of a credit union except such
as may have been duly approved by the board of directors.
(d) If provided for in the bylaws, the board of directors may elect an
executive committee of not less than three board members. Such executive
committee shall have and be able to execute such powers, duties and
responsibilities of the board of directors as the bylaws may provide at such
times other than regular or special meetings of the board of directors.
Meetings of the executive committee shall not be counted to fulfill the
requirements of paragraph (7) of subsection (b).
History: L. 1929, ch. 141, § 9; L. 1951, ch. 204, § 3; L. 1957,
ch. 152, § 3; L. 1963, ch. 140, § 2; L. 1965, ch. 153, § 2; L.
1968, ch. 160, § 6; L. 1973, ch. 94, § 1; L. 1982, ch. 102, § 5;
L. 1992, ch. 225, § 3; July 1.
17-2209.Directors to elect officers; duties of board; executive
committee.
(a) At the first meeting and at each first meeting in the fiscal year
following the annual meeting of the credit union, the board of directors
shall elect from their own number an executive officer who may be designated
as chairperson of the board or president, a
vice-chairperson of the board or one or more vice-presidents, a treasurer
and a secretary, of
whom the last two may be the same individual, and the persons so elected
shall be the executive officers of the corporation. The board of
directors may employ an officer in charge of operations whose title
shall be either president or general manager; or, in lieu thereof, the
board of directors may designate the treasurer or an assistant treasurer
to act as the officer in charge of operations and be in active charge of
the affairs of the
credit union.
(b) The board of directors shall have the general management
of the affairs, funds and records of the corporation, and unless they
shall be specifically reserved to the members it shall be the special
duty of the directors:
(1) To act upon all applications for membership and on the exclusion
of members. The board of directors may, however, delegate authority to a
membership officer or officers to approve applications for membership
under such conditions as it prescribes not inconsistent with the bylaws
or law of the state. The membership officer or officers may approve but
not reject, applications for membership. All unapproved applications
shall pend until the board acts upon them.
(2) To determine, from time to time, rates of interest which shall
be charged on loans and to authorize interest refunds, if any, on such classes
of loans and under such conditions as the board prescribes.
(3) To acquire surety bonds, the amount and type of which shall be subject
to the administrator's
approval.
(4) To fix the maximum number of shares which may be held by, and
the maximum or minimum amount which may be loaned to, any one member;
to establish the policies of the credit union with respect to the granting
of loans and the extending of lines of credit; to set such limits and balances
as required for services which are to be applicable to all members in a
category; and to recommend or approve amendments to the bylaws.
(5) To fill vacancies on the board of directors and credit committee
until the election and qualification of successors and to fill vacancies
in the supervisory committee if the bylaws so allow.
(6) To have charge of the investment of funds of the credit union,
other than loans to members, except that the board may designate an investment
committee or any qualified individual to have charge of investments under
conditions established by the board; to authorize donations for civic, charitable,
scientific, literary or educational purposes; to set fees and charges for
the credit unions' services and to establish policies for their application;
and to perform such other duties as the
members may, from time to time, authorize.
(7) To meet at least six times each year with at least one
meeting in each quarter-year period.
(c) No member of the board of directors
or of the credit or supervisory committee shall receive any compensation
as a member of the board or committee. The provision of reasonable life,
health, accident, disability and similar insurance protection for a director
or committee member shall not be considered compensation. Directors and
committee members, while on official business of the credit union, may be
reimbursed for necessary expenses incidental to the performance of the business.
The credit union may compensate any director, committee member or officer
for loss of salary or wages due to
the performance of business on behalf of the credit union.
No salary shall
be paid to any officer or other employee of a credit union except such
as may have been duly approved by the board of directors.
(d) If provided for in the bylaws, the board of directors may elect an
executive committee of not less than three board members. Such executive
committee shall have and be able to execute such powers, duties and
responsibilities of the board of directors as the bylaws may provide at such
times other than regular or special meetings of the board of directors.
Meetings of the executive committee shall not be counted to fulfill the
requirements of paragraph (7) of subsection (b).
History: L. 1929, ch. 141, § 9; L. 1951, ch. 204, § 3; L. 1957,
ch. 152, § 3; L. 1963, ch. 140, § 2; L. 1965, ch. 153, § 2; L.
1968, ch. 160, § 6; L. 1973, ch. 94, § 1; L. 1982, ch. 102, § 5;
L. 1992, ch. 225, § 3; July 1.