2005 Vermont Code - § 2061. — Board of directors

§ 2061. Board of directors

The board of directors shall have the general management of the affairs, funds, and records of the credit union and shall meet as often as may be necessary, but not less than once each month except in the case of the Vermont central credit union whose directors shall meet not less than once every three months. It shall be the special duty of the directors to:

(1) act upon applications for membership; or to appoint an executive committee or a membership officer from among the members of the credit union, other than the treasurer, an assistant treasurer, or a loan officer, who may be authorized by the board to approve applications for membership under such conditions as the board may prescribe; except that the committee or membership officer so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require;

(2) provide a blanket fidelity bond covering the officers, employees, members of official committees, attorneys at law and other agents, with protection against loss caused by dishonesty, burglary, robbery, larceny, theft, holdup, forgery or alteration of instruments, misplacement or mysterious disappearance and for faithful performance of duty. The department of banking, insurance, securities, and health care administration shall prescribe in its rules the amount of minimum bond coverage required for all credit unions according to their asset categories;

(3) determine from time to time the rate of interest consistent with this chapter which shall be charged on loans and determine the rate of interest refund, if any, to be made to members;

(4) declare dividends in the way and manner as provided in the bylaws;

(5) determine the interest rate which will be paid on deposits;

(6) determine the number of shares and the amount of deposits which may be owned by a member, the limitations to apply alike to all members;

(7) fill vacancies occurring between annual meetings in the board of directors, credit committee, supervisory committee, and education committee until the election and qualification of their successors;

(8) fix from time to time the maximum amount, both secured and unsecured, which may be loaned to any one member;

(9) have charge of the investment of surplus funds;

(10) authorize the employment of such person or persons as may be necessary to carry on the business of the credit union and the compensation of employees and the treasurer;

(11) authorize the conveyance of property;

(12) borrow to carry on the functions of the credit union;

(13) pass on loans to other credit unions that are not members if surplus funds warrant it, and on loans to members of the supervisory and credit committees;

(14) perform such other duties as the members may from time to time require;

(15) designate a depository or depositories for the funds of the credit union;

(16) suspend any member of the supervisory committee, education committee, or credit committee for failure to perform his duties. The members shall decide, at a meeting held not less than seven nor more than twenty-one days after any such suspension, whether the suspended committee member shall be removed from or restored to the committee;

(17) establish and provide for compensation of loan officers when requested by the credit committee and of auditing assistance when requested by the supervisory committee;

(18) perform or authorize any action consistent with this chapter not specifically reserved by the bylaws for the members. (Added 1967, No. 312 (Adj. Sess.), § 1, eff. March 22, 1968; amended 1969, No. 18, § 2, eff. March 11, 1969; 1989, No. 225 (Adj. Sess.), § 25(a); 1995, No. 180 (Adj. Sess.), § 38(a).)