2016 Arizona Revised Statutes
Title 6 - Banks and Financial Institutions
§ 6-542 Suspension and removal of officials
6-542. Suspension and removal of officials
A. Both the supervisory committee and the board may suspend for cause by a two-thirds vote of their entire membership any director, officer or member of a committee and shall immediately notify such person in writing of the suspension and the reasons for the suspension.
B. A suspended director, officer or committee member may request a special meeting of the members to consider that suspension. The board shall call a special meeting for that purpose not fewer than seven days nor more than twenty-one days after that suspension, and that suspension shall be upheld or overturned by a majority of the members present. The suspended person is entitled to appear and be heard at the special meeting.
C. In the absence of a request for a hearing, the suspension is deemed a removal from office. Approval of the suspension by the membership constitutes removal from office.
D. Notwithstanding any other provision of this section, the members of a credit union may suspend or remove any director or committee member at any annual or special meeting of the members.
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