Section 394-B:35 Directors' Powers.
The board of directors shall have the general direction of the affairs of the credit union, and shall meet monthly. It shall be the duty of the board to:
I. Act upon all applications for membership or appoint a membership officer for such purpose and act upon all cases involving the possible expulsion of members;
II. Determine the types of share and deposit accounts to be offered to its members;
III. Determine the conditions on which shares and deposits may be paid in, transferred and withdrawn;
IV. Determine the method of receipting for money paid on account of shares, deposits and loan repayments;
V. Determine the maximum, if any, number of shares which may be held by one member;
VI. Determine the rate of interest to be charged on loans;
VII. Declare dividends;
VIII. Declare interest refunds;
IX. Declare interest on deposits;
X. Fix the maximum amount to be loaned to any one member;
XI. Provide for the compensation of necessary clerical auditing assistance requested by the supervisory committee;
XII. Fix the amount of the entrance fee, if any;
XIII. Fix and assess fees, fines, and charges, if any, for programs and services offered to members;
XIV. Fill vacancies on the board of directors and supervisory committee until new members shall be elected and qualified;
XV. Fill vacancies by appointment on the credit committee.
Source. 1983, 195:1, eff. Aug. 14, 1983.