2013 New Jersey Revised Statutes
Title 17 - CORPORATIONS AND INSTITUTIONS FOR FINANCE AND INSURANCE
Section 17:13-97 - Executive committee of board; powers; limitations; minutes
17:13-97. Executive committee of board; powers; limitations; minutes
a. The board may appoint an executive committee of the board, consisting of not less than three directors, which may be authorized to act for the board, as provided in the bylaws, except that the executive committee may not:
(1) Exercise any powers granted to it while a quorum of the board is actually convened for the conduct of business;
(2) Declare a dividend, or make any other kind of distribution to members;
(3) Make, alter, or repeal the bylaws of the credit union;
(4) Elect or appoint any officer or director; or
(5) Exercise any other power which this act specifically provides shall be exercised by at least a majority of all the directors.
b. The minutes of the proceedings of the executive committee shall be presented to the board at the meeting next following any meeting of the executive committee.
L.1984, c. 171, s. 19, eff. Oct. 31, 1984.
Disclaimer: These codes may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
