2011 Oregon Revised Statutes
ORS Volume 16, Chapters 705 - 752
ORS Chapter 723
723.326 Suspension and removal of officials; restrictions on service as director.
(1) The supervisory committee by a unanimous vote may suspend any member of the credit committee and shall report such action to the board of directors for appropriate action.
(2) The supervisory committee by a unanimous vote may suspend any officer or member of the board until the next members meeting. The next members meeting must be held not less than 14 nor more than 45 days after the suspension. At the meeting the members shall decide whether to remove the suspended officer or board member.
(3) Any member of the supervisory committee may be removed by the board for failure to perform duties prescribed in this chapter or in the credit union s articles of incorporation, bylaws or policies.
(4) A person may not serve as a director if the person has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss. [1975 c.652 40; 1985 c.762 96; 1999 c.185 16; 2005 c.95 8]
Disclaimer: These codes may not be the most recent version. Oregon 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.
