State Codes and Statutes

Statutes > Washington > Title-31 > 31-12 > 31-12-255

Board of directors — Powers and duties.

The business and affairs of a credit union shall be managed by the board of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (1) of this section may not be delegated by the credit union's board of directors. The duties listed in subsection (2) of this section may be delegated to a committee, officer, or employee, with appropriate reporting to the board.

     (1) The board shall:

     (a) Set the par value of shares, if any, of the credit union;

     (b) Set the minimum number of shares, if any, required for membership;

     (c) Establish the loan policies under which loans may be approved;

     (d) Establish the conditions under which a member may be expelled for cause;

     (e) Fill vacancies on all committees except the supervisory committee;

     (f) Approve an annual operating budget for the credit union;

     (g) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union;

     (h) Review the supervisory committee's annual report; and

     (i) Perform such other duties as the members may direct.

     (2) In addition, unless delegated, the board shall:

     (a) Act upon applications for membership in the credit union;

     (b) Determine the maximum amount of shares and deposits that a member may hold in the credit union;

     (c) Declare dividends on shares and set the rate of interest on deposits;

     (d) Set the fees, if any, to be charged by the credit union to its members for the right to be a member of the credit union and for services rendered by the credit union;

     (e) Determine the amount which may be loaned to a member together with the terms and conditions of loans;

     (f) Establish policies under which the credit union may borrow and invest; and

     (g) Approve the charge-off of credit union losses.

[2001 c 83 § 8; 1997 c 397 § 17; 1994 c 256 § 79; 1984 c 31 § 27.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.

State Codes and Statutes

Statutes > Washington > Title-31 > 31-12 > 31-12-255

Board of directors — Powers and duties.

The business and affairs of a credit union shall be managed by the board of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (1) of this section may not be delegated by the credit union's board of directors. The duties listed in subsection (2) of this section may be delegated to a committee, officer, or employee, with appropriate reporting to the board.

     (1) The board shall:

     (a) Set the par value of shares, if any, of the credit union;

     (b) Set the minimum number of shares, if any, required for membership;

     (c) Establish the loan policies under which loans may be approved;

     (d) Establish the conditions under which a member may be expelled for cause;

     (e) Fill vacancies on all committees except the supervisory committee;

     (f) Approve an annual operating budget for the credit union;

     (g) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union;

     (h) Review the supervisory committee's annual report; and

     (i) Perform such other duties as the members may direct.

     (2) In addition, unless delegated, the board shall:

     (a) Act upon applications for membership in the credit union;

     (b) Determine the maximum amount of shares and deposits that a member may hold in the credit union;

     (c) Declare dividends on shares and set the rate of interest on deposits;

     (d) Set the fees, if any, to be charged by the credit union to its members for the right to be a member of the credit union and for services rendered by the credit union;

     (e) Determine the amount which may be loaned to a member together with the terms and conditions of loans;

     (f) Establish policies under which the credit union may borrow and invest; and

     (g) Approve the charge-off of credit union losses.

[2001 c 83 § 8; 1997 c 397 § 17; 1994 c 256 § 79; 1984 c 31 § 27.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.


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State Codes and Statutes

Statutes > Washington > Title-31 > 31-12 > 31-12-255

Board of directors — Powers and duties.

The business and affairs of a credit union shall be managed by the board of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (1) of this section may not be delegated by the credit union's board of directors. The duties listed in subsection (2) of this section may be delegated to a committee, officer, or employee, with appropriate reporting to the board.

     (1) The board shall:

     (a) Set the par value of shares, if any, of the credit union;

     (b) Set the minimum number of shares, if any, required for membership;

     (c) Establish the loan policies under which loans may be approved;

     (d) Establish the conditions under which a member may be expelled for cause;

     (e) Fill vacancies on all committees except the supervisory committee;

     (f) Approve an annual operating budget for the credit union;

     (g) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union;

     (h) Review the supervisory committee's annual report; and

     (i) Perform such other duties as the members may direct.

     (2) In addition, unless delegated, the board shall:

     (a) Act upon applications for membership in the credit union;

     (b) Determine the maximum amount of shares and deposits that a member may hold in the credit union;

     (c) Declare dividends on shares and set the rate of interest on deposits;

     (d) Set the fees, if any, to be charged by the credit union to its members for the right to be a member of the credit union and for services rendered by the credit union;

     (e) Determine the amount which may be loaned to a member together with the terms and conditions of loans;

     (f) Establish policies under which the credit union may borrow and invest; and

     (g) Approve the charge-off of credit union losses.

[2001 c 83 § 8; 1997 c 397 § 17; 1994 c 256 § 79; 1984 c 31 § 27.]

Notes: Findings -- Construction -- 1994 c 256: See RCW 43.320.007.


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