32-3-420. and 32-3-421 reserved
32-3-420 and 32-3-421 reserved.
32-3-408. Executive officers
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
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
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; […]
32-3-401. General powers
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
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
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
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
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
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; […]