1. The business affairs of a credit union shall be directed by an odd-numbered board of not fewer than five directors to be elected at the annual meetings by and from the members, and an audit and credit committee if appointed by the board. The persons designated in the articles of incorporation shall be the […]
1. The board of directors is responsible for the general direction of the affairs, funds and records of the credit union and shall meet as often as necessary to accomplish their duties, but not less than once a month. 2. The board may appoint an executive committee of not less than three directors who may […]
The directors of a credit union shall: 1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit union with protection against losses from misappropriation, defalcation in breach of trust, negligence, acts of God or nature, fire, burglary, robbery or other cause over which the bonded officers, employers […]
The directors may: 1. Act upon applications for membership or appoint membership officers from the members of the credit union to act upon membership applications subject to conditions imposed by the board. If membership officers are appointed they shall submit at each board meeting a list of approved or pending applications for membership. 2. Invest […]
1. The board may appoint an audit committee to make an annual audit of the financial records of the credit union and any interim audits as may be deemed necessary by the board or as may be directed by the Commissioner. A copy of the report must be submitted to the board and the Commissioner […]
1. The board may appoint a: (a) Credit committee consisting of an odd number of members of the credit union, but not less than three members; or (b) Loan officer. 2. If a credit committee is appointed by the board, it shall hold such meetings as the business of the credit union may require but […]
If the Commissioner notifies the board in writing that he or she has information that any director, officer or employee of a credit union is failing in the performance of his or her duties, the board shall meet and consider such matter forthwith. The Commissioner must have notice of the time and place of the […]
1. At the organizational meeting and within 30 days following each annual meeting, the directors shall elect, from their own number, the executive officers of the corporation. The officers must be designated as: (a) Chair of the board; (b) Vice chair of the board; (c) Treasurer; and (d) Secretary. The treasurer and secretary may be […]
Within 30 days following the election of the executive officers, the secretary shall submit to the Commissioner a list of the names and addresses of the directors, officers and committee members who have been elected or appointed. (Added to NRS by 1975, 383; A 1983, 1834; 1987, 2018)—(Substituted in revision for NRS 678.430)
Directors and officers of an association shall be deemed to stand in a fiduciary relation to the credit union and shall discharge the duties of their respective positions in good faith and with the diligence, care and skill which ordinary, prudent persons would exercise under similar circumstances in similar positions. (Added to NRS by 1975, […]
1. A director or committee member may not be compensated for his or her services except that he or she may be provided reasonable life, health, accident and similar insurance protection. 2. Any member of the credit union may be reimbursed for necessary expenses incidental to the performance of credit union business. All such expenses […]
