Section 6-325 - Directors - Number, qualifications, tenure, and oath.
§ 6-325. Directors - Number, qualifications, tenure, and oath.
(a) Number.- Each credit union shall have at least five directors.
(b) Qualifications.- Each director:
(1) Shall be a member of the credit union;
(2) Shall be bonded;
(3) May not have:
(i) Defaulted on the payment of any monetary obligation to the credit union;
(ii) Been convicted of any criminal offense involving dishonesty or breach of trust;
(iii) Habitually neglected to pay debts;
(iv) Become insolvent or bankrupt; or
(v) Been removed by any state or federal regulatory agency from office as an officer, official, or employee of a financial institution; and
(4) Shall comply with any other qualifications set forth in the credit union bylaws.
(c) Tenure.- A director holds office for the term that the bylaws provide, which may not exceed 3 years, and until a successor is elected and qualifies.
(d) Oath of office.- Each director shall take an oath that the director:
(1) Will diligently and honestly perform the duties as director in administering the credit union's affairs;
(2) Will remain responsible for the performance of the duties of the director even if the director delegates the performance of the duties; and
(3) Will not knowingly or willfully permit the violation of an applicable law or regulation.
(e) Chairman.- The chairman and, if any, vice chairman of the board shall be elected by and from the directors.
[CA § 6-315; 1980, ch. 33, § 2; 1992, ch. 445; 2001, ch. 147, § 1; ch. 148, § 1.]