370.061. Credit union commission, created, members, term, compensation--credit union representative defined.
Credit union commission, created, members, term, compensation--creditunion representative defined.
370.061. 1. There is created in the division of credit unions a"Credit Union Commission" which shall have such powers and duties as arenow or hereafter conferred upon it by law.
2. The commission shall consist of seven members who shall beappointed by the governor with the advice and consent of the senate. Allmembers shall be residents of this state, and one of them shall be a memberof the Missouri Bar in good standing. Four other members of the commissionshall be credit union representatives. As used in this section, the term"credit union representative" shall mean a member of the commission who hasat least five years' experience in this state as an officer, director ormember of a supervisory committee of one or more credit unions and twomembers shall be lay members who are not involved in the administration ofa financial institution. Not more than four members of the commissionshall be members of the same political party.
3. Effective March 25, 2005, the first three commissioners appointed,two of whom shall be credit union representatives, shall have a termexpiring January 1, 2007. The next two commissioners appointed, one ofwhom shall be a credit union representative, shall have a term expiringJanuary 1, 2009. The final two commissioners appointed, one of whom shallbe a credit union representative, and all subsequent commissioners shallserve a six-year term. Members shall serve until their successors are dulyappointed and have qualified. Each member of the credit union commissionshall serve for the remainder of the term for which the member wasappointed to the commission. The commission shall select its own chairmanand secretary. Vacancies in the commission shall be filled for theunexpired term in the same manner as in the case of an originalappointment.
4. The members of the commission shall receive as compensation thesum of one hundred dollars per day while discharging their duties, and theyshall be reimbursed for their actual and necessary expenses incurred in theperformance of their duties.
5. A majority of the members of the commission shall constitute aquorum and the decision of a majority of a quorum shall be the decision ofthe commission. The commission shall meet upon call of its chairman, or ofthe director of the division of credit unions, or of any three members ofthe commission, and may meet at any place in this state.
(L. 1998 H.B. 1323, A.L. 2002 H.B. 1921)