Effective: March 20, 2019
Latest Legislation: House Bill 489 – 132nd General Assembly
(A) The board of directors of a credit union may, in its discretion, appoint one or more associate directors to serve in an advisory, ex officio capacity. The board shall prescribe the duties of an associate director and the manner in which associate directors are appointed and removed.
(B) Prior to appointing an associate director, the board shall confirm that the person meets all of the requirements to serve as a director.
(C) An associate director may participate in meetings of the board but may not vote or otherwise act as a director. An associate director shall not be considered a director for purposes of this chapter.
(D) The board shall require each associate director to sign a confidentiality agreement to ensure that information concerning the credit union remains confidential.