32-3-401. General powers. A credit union may: (1) make contracts as provided for in this chapter; (2) sue and be sued; (3) adopt and use a common seal and alter the seal; (4) acquire, lease, hold, and dispose of property, either in whole or in part, necessary or incidental to its operations; (5) at the discretion of the board of directors, […]
32-3-402. Incidental powers. A credit union may exercise such incidental powers as are granted corporations organized under the laws of this state, including those that are necessary to enable it to promote and carry on most effectively its purposes. History: En. 14-614 by Sec. 14, Ch. 38, L. 1975; R.C.M. 1947, 14-614.
32-3-403. Election or appointment of officials. (1) The credit union must be directed by a board, consisting of an odd number of at least five directors, to be elected at the annual membership meeting by and from the members. All members of the board shall hold office for terms that the bylaws provide. (2) The board of […]
32-3-404. Record of board and committee members. Within 30 days after election or appointment, a record of the names and addresses of the members of the board, committees, and all officers of the credit union must be filed with the department of administration on forms provided by the department. History: En. 14-623 by Sec. 23, Ch. 38, […]
32-3-405. Vacancies. (1) The board of directors shall fill any vacancies occurring in the board within 60 days. An individual appointed to fill a vacancy shall serve until successors elected at the next annual meeting have qualified or as provided in the bylaws. (2) The board shall also fill vacancies in the credit and supervisory committees within […]
32-3-406. Compensation of officials. (1) An official of the credit union, other than the treasurer or an employee, may not be compensated for service in that position. (2) For the purposes of this section, the following payments are allowed and are not considered compensation: (a) necessary expenses incidental to the performance of official business of the credit union; […]
32-3-407. Conflicts of interest. A director, committee member, officer, agent, or employee of the credit union may not in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting the person’s pecuniary interest or the pecuniary interest of any corporation, partnership, or association, other than the credit union, in […]
32-3-408. Executive officers. (1) At their next meeting following each annual meeting of the members, the directors shall elect from their own number: (a) a presiding officer of the board; (b) one or more vice presiding officers of the board; (c) a treasurer; and (d) a secretary. (2) The treasurer and the secretary may be the same individual. (3) The persons so […]
32-3-409. Authority of directors. The board of directors shall have the general direction of the business affairs, funds, and records of the credit union. History: En. 14-628 by Sec. 28, Ch. 38, L. 1975; R.C.M. 1947, 14-628.
32-3-410. Executive committee. From the persons elected to the board, the board may appoint an executive committee of not less than three directors who may be authorized to act for the board in all respects, subject to such conditions and limitations as are prescribed by the board. History: En. 14-629 by Sec. 29, Ch. 38, L. 1975; […]
32-3-411. Meetings of board of directors and committees. (1) Either the board of directors or the executive committee shall meet each month. The board of directors or the executive committee may meet at other times as necessary. (2) Unless specifically prohibited by the bylaws, directors and members of the supervisory committee or credit committee may participate in […]
32-3-412. Repealed. Sec. 2, Ch. 117, L. 2015. History: En. 14-631 by Sec. 31, Ch. 38, L. 1975; amd. Sec. 45, Ch. 359, L. 1977; R.C.M. 1947, 14-631; amd. Sec. 5, Ch. 522, L. 1985; amd. Sec. 26, Ch. 237, L. 2003.
32-3-413. Repealed. Sec. 14, Ch. 317, L. 2015. History: En. 14-632 by Sec. 32, Ch. 38, L. 1975; R.C.M. 1947, 14-632.
32-3-414. Repealed. Sec. 14, Ch. 317, L. 2015. History: En. 14-633 by Sec. 33, Ch. 38, L. 1975; R.C.M. 1947, 14-633; amd. Sec. 27, Ch. 237, L. 2003.
32-3-415. Repealed. Sec. 14, Ch. 317, L. 2015. History: En. 14-634 by Sec. 34, Ch. 38, L. 1975; R.C.M. 1947, 14-634.
32-3-416. Credit committee or credit manager duties. (1) A credit union may use a credit committee or a credit manager to approve or disapprove loans under conditions the board of directors prescribes. (2) The credit committee or the credit manager may appoint one or more loan officers with the power to approve loans, subject to limitations or […]
32-3-417. Audits. (1) The board of directors or supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and a summary of that report to the members at the next annual […]
32-3-418. Suspension and removal of officials. (1) The supervisory committee by a unanimous vote may suspend any official until the next membership meeting, which must be held not less than 7 or more than 21 days after the suspension. At the meeting, the suspension must be acted upon by the members. (2) Any member of the supervisory committee […]
32-3-419. Calling of special meeting. The supervisory committee by a majority vote may call a special meeting of the members to consider any violation of this chapter, the credit union’s charter or bylaws, or any practice of the credit union deemed by the supervisory committee to be unsafe or unauthorized. History: En. 14-638 by Sec. 38, Ch. […]
32-3-420 and 32-3-421 reserved.
