§ 467. Qualifications and disqualifications of directors and committee members. Every director and committee member of a credit union shall be the owner of at least one share subscribed for by him or standing in his name on the books of the credit union; and every person elected to be a director or committee member, […]
§ 468. Oaths of directors, officers and members of committees. Each director, officer and member of a committee when first appointed or elected, shall take an oath that he will, so far as the duty devolves upon him, diligently and honestly administer the affairs of the credit union, and will not knowingly violate, or willingly […]
§ 469. Vacancies; change in number of directors. 1. Vacancies in the board of directors, supervisory committee, or the credit committee, occasioned by resignations, deaths or other causes shall be reported by each credit union to the superintendent within ten days after the event; and the credit union shall likewise report the filling of each […]
§ 470. Powers and duties of directors; not entitled to compensation; disqualification of directors. 1. The board of directors of every credit union shall have the general management of the affairs, funds and records of the corporation. No member of the board of directors shall receive any compensation for his services as a member of […]
§ 471. Duty of directors and officers. 1. Directors and officers shall discharge the duties of their respective positions in good faith and with that degree of diligence, care and skill which a prudent person would exercise under similar circumstances in like positions. In discharging their duties, directors and officers, when acting in good faith, […]
§ 472. Special duties of directors. Unless the bylaws shall expressly reserve any or all of the following duties to the shareholders, it shall be the special duty of the directors: 1. To act upon applications for membership and to expel members; provided that the board of directors may appoint a membership committee consisting of […]
§ 473. Loan officers, credit committee; duties. Whenever the term “credit committee” is used in this article, it shall solely be applicable to those credit unions whose bylaws provide for such committee. The credit committee of every credit union shall meet as often as necessary, after due notice has been given to each member, for […]
§ 474. Loan reports to directors. 1. The credit committee shall prepare and submit written reports to the board of directors of all loans approved or disapproved. If there is no credit committee, the board of directors shall designate, by resolution, a loan officer or officers whose duty it shall be to prepare and submit […]
§ 475. Supervisory committee; powers and duties. 1. The supervisory committee shall have power: (a) To suspend at any time by unanimous vote, at a meeting called for that purpose, any member of the credit committee or any member of the board of directors or any officer. (b) By a majority vote to call a […]
§ 476. Officers; powers and duties. The powers and duties of the officers of any credit union shall be such as are prescribed in the bylaws.
§ 477. Retirement and insurance benefits for officers and employees. 1. Subject to such regulations as the superintendent of financial services may prescribe, a credit union may, in the discretion of a majority of all the board of directors, provide to officers and employees retirement benefits, deferred compensation programs and other employee benefit plans. 2. […]
§ 478. Amendment of bylaws; approval of superintendent. 1. The bylaws of a credit union may be changed or amended by a vote of a majority of the total number of directors which a credit union would have if there were no vacancies present at any meeting; provided the proposed change or amendment shall have […]
§ 479. Credit union not liable for taxation. Any credit union subject to the provisions of this article shall be deemed an institution for savings within the meaning of the law which exempts such institutions from taxation. No law which taxes corporations in any form, or the shares thereof or the accumulations therein, shall apply […]
§ 480. Fiscal year. The fiscal year of every credit union shall end at the close of business on the thirty-first day of December.
§ 481. Communications from department of financial services must be submitted to directors and supervisory committee, and noted in the minutes. Every official communication as defined in article two of this chapter directed to a credit union shall be submitted to both the board of directors and the supervisory committee at the next meeting of […]
§ 482. Reports to superintendent; penalty for failure to make. 1. Credit unions shall forward to the superintendent all reports required by the National Credit Union Administration. 2. Every credit union shall also make such other special reports to the superintendent at such times as he may require, which reports shall be in the form […]
§ 483. Penalty for loans to non-members; recovery. Any officer, director or member of a committee of a credit union who knowingly permits a loan to be made or participates in a loan to a non-member of the corporation shall be guilty of a misdemeanor and shall be primarily liable to the corporation for the […]
§ 484. Penalty for use of term “credit union”. The use by any person, partnership, association or corporation, other than those authorized as provided in this article, or by any federal law, and other than any statewide association of credit unions operating in this state, of any name or title which contains the two words […]
§ 485. Entries in books; preservation of records. 1. No credit union shall by any system of accounting or any device of bookkeeping, directly or indirectly, enter any of its assets or liabilities upon its books in the name of any person, or under any title or designation that is not truly descriptive thereof. 2. […]
§ 486. Conversion of a federal credit union into a state credit union. Any federal credit union having its place of business in this state may convert itself into a state credit union. A meeting of the shareholders shall be held upon not less than ten days’ written notice to each shareholder, either served personally […]
