§ 143B-439. Credit Union Commission.
Part 4. Credit Union Commission.
§ 143B‑439. Credit Union Commission.
(a) There shall be created in the Department of Commerce a Credit Union Commissionwhich shall consist of seven members. The members of the Credit UnionCommission shall elect one of its members to serve as chairman of theCommission to serve for a term to be specified by the Commission. On theinitial Commission three members shall be appointed by the Governor for termsof two years and three members shall be appointed by the Governor for terms offour years. Thereafter all members of the Commission shall be appointed by theGovernor for terms of four years. The Governor shall appoint the seventh memberfor the same term and in the same manner as the other six members areappointed. In the event of a vacancy on the Commission the Governor shallappoint a successor to serve for the remainder of the term. Three members ofthe Commission shall be persons who have had three years' or more experience asa credit union director or in management of state‑chartered creditunions. At least four members shall be appointed as representatives of theborrowing public and may be members of a credit union but shall not beemployees of, or directors of any financial institution or have any interest inany financial institution other than as a result of being a depositor orborrower. No two persons on the Commission shall be residents of the samesenatorial district. No person on the Commission shall be on a board ofdirectors or employed by another type of financial institution. The Commissionshall meet at least every six months, or more often upon the call of thechairman of the Credit Union Commission or any three members of the Commission.A majority of the members of the Commission shall constitute a quorum. Themembers of the Commission shall be reimbursed for expenses incurred in theperformance of their duties under this Chapter as prescribed in G.S. 138‑5.In the event that the composition of the Commission on April 30, 1979, does notconform to that prescribed in the preceding sentences, such composition shallbe corrected thereafter by appropriate appointments as terms expire and asvacancies occur in the Commission; provided that no person shall serve on theCommission for more than two complete consecutive terms.
(b) The relationship between the Secretary of Commerce and theCredit Union Commission shall be as defined for a Type II transfer under thisChapter.
(c) The Credit Union Commission is hereby vested with full powerand authority to review, approve, or modify any action taken by theAdministrator of Credit Unions in the exercise of all powers, duties, andfunctions vested by law in or exercised by the Administrator of Credit Unionsunder the credit union laws of this State.
An appeal may be taken to the Commission from any finding, ruling,order, decision or the final action of the Administrator by any credit unionwhich feels aggrieved thereby. Notice of such appeal shall be filed with thechairman of the Commission within 30 days after such finding, ruling, order,decision or other action, and a copy served upon the Administrator. Such noticeshall contain a brief statement of the pertinent facts upon which such appealis grounded. The Commission shall fix a date, time and place for hearing saidappeal, and shall notify the credit union or its attorney of record thereof atleast 30 days prior to the date of said hearing. (1971, c. 864, s. 17; 1973, cc. 97, 1254; 1975, c.709, ss. 4‑6; 1977, c. 198, s. 26; 1979, c. 478, s. 3; 1989, c. 751, ss.7(36), 8(22); 1991 (Reg. Sess., 1992), c. 959, s. 63.)