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17-2209. Directors to elect officers; duties of board; executive committee. (a) At the first meeting and at each first meeting in the fiscal year following the annual meeting of the credit union, the board of directors shall elect from their own number an executive officer who may be designated as chairperson of the board or president, a vice-chairperson of the board or one or more vice-presidents, a treasurer and a secretary, of whom the last two may be the same individual, and the persons so elected shall be the executive officers of the corporation.

(b) The board of directors shall:

(1) Set the par value of shares, if any, of the credit union.

(2) Set the minimum of shares, if any, required for membership.

(3) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union.

(4) Authorize the purchase of adequate fidelity and insurance coverage for officers, directors, committee members and employees and for losses caused by persons outside the credit union for which the credit union may be liable.

(5) Authorize the employment and compensation of the chief executive officer.

(6) Approve an annual operating budget for the credit union.

(7) Authorize the conveyance of real property.

(8) Review and approve the annual audit.

(9) Appoint any committees deemed necessary.

(10) Establish conditions under which a member may be removed for cause.

(11) Perform such other duties or authorize any action not inconsistent with the state credit union code.

(c) In addition, unless delegated, the board shall:

(1) Establish policies under which the credit union may borrow, lend and invest money to carry on the functions of the credit union.

(2) Act upon applications for membership in the credit union.

(3) Establish the loan policies under which loans may be approved.

(4) Declare dividends on shares and set the rates of interest on deposits.

(5) Determine the amount that may be loaned to a member, together with the terms and conditions of the loan.

(6) Approve the charge-off of credit union losses.

(d) No member of the board of directors or of the credit or supervisory committee shall receive any compensation as a member of the board or committee. The provision of reasonable life, health, accident, disability and similar insurance protection for a director or committee member shall not be considered compensation. Directors and committee members, while on official business of the credit union, may be reimbursed for necessary expenses incidental to the performance of the business. The credit union may compensate any director, committee member or officer for loss of salary or wages due to the performance of business on behalf of the credit union.

History: L. 1929, ch. 141, § 9; L. 1951, ch. 204, § 3; L. 1957, ch. 152, § 3; L. 1963, ch. 140, § 2; L. 1965, ch. 153, § 2; L. 1968, ch. 160, § 6; L. 1973, ch. 94, § 1; L. 1982, ch. 102, § 5; L. 1992, ch. 225, § 3; L. 2019, ch. 22, § 10; July 1.

Attorney General's Opinions:

Credit unions; election of officers; duties of board; compensation. 90-29.

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