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9-B §841. Management in general

§841. Management in general The management and operations of a credit union must be conducted in accordance with the provisions of Title 13-C, except as provided in this chapter and elsewhere in this Part.   [RR 2001, c. 2, Pt. B, §16 (COR); RR 2001, c. 2, Pt. B, §58 (AFF).] SECTION HISTORY PL 1975, […]

9-B §842. Board of directors

§842. Board of directors The management and control of the affairs of a credit union shall be vested in a board of directors, whose powers shall be exercised in accordance with the provisions of this section.   [PL 1975, c. 500, §1 (NEW).] 1.  Number, election and qualifications.    A. The number of directors of […]

9-B §843. Officers and employees

§843. Officers and employees 1.  Election.    A. The directors, at their first meeting after the annual meeting of the members, shall elect from their own number the board officers specified in the bylaws.   [PL 1983, c. 51, §5 (AMD).] B. Those persons elected in paragraph A shall be the officers of the corporation, […]

9-B §844. Supervisory committee or independent public accountant

§844. Supervisory committee or independent public accountant 1.  Duties of supervisory committee.  If a supervisory committee is appointed pursuant to section 842, subsection 2, the supervisory committee shall keep informed fully and at all times as to the financial condition of the credit union, shall examine or cause to be examined carefully the cash and […]

9-B §845. Credit committee

§845. Credit committee 1.  Powers and duties.  If a credit committee is appointed pursuant to section 842, subsection 2, the credit committee shall:   A. Hold meetings at least once in each month;   [PL 1975, c. 500, §1 (NEW).] B. Act on all applications for loans to members;   [PL 1975, c. 500, §1 […]

9-B §846. Meetings of the members

§846. Meetings of the members 1.  Time and notice.  The annual meeting of the members of a credit union must be held at such time and place as the board of directors may determine, but not later than 180 days after the close of the fiscal year. Special meetings may be called at any time […]

9-B §847. Expulsion of members

§847. Expulsion of members 1.  Grounds for expulsion.  A manager or chief executive officer of a credit union may expel from the credit union any member who has not carried out the member’s engagement with the credit union, or who has been convicted of a criminal offense, or who neglects or refuses to comply with […]

9-B §848. Amendment of bylaws and charter

§848. Amendment of bylaws and charter 1.  Procedure.  Amendments of the bylaws may be adopted, and amendments of the charter requested, by the affirmative vote of 2/3 of the members of the board of directors at any duly held meeting thereof, if the members of the board have been given at least 7 days’ notice […]