§ 54-109.35. Election or appointment of officials.
Article14E.
Direction of Affairs.
§ 54‑109.35. Electionor appointment of officials.
(a) The credit unionshall be directed by a board of directors, at least five in number, to beelected at the annual members' meeting by and from the members. All members ofthe board shall hold office for such terms as the bylaws provide.
(b) The board ofdirectors at its first meeting after its election shall appoint a supervisorycommittee from the membership (no more than one of whom may be a member of theboard of directors and none a member of the credit committee) of not less thanthree members who shall serve for such terms as may be fixed by the bylaws; orin lieu thereof, the bylaws may authorize the board of directors to employ anduse such clerical and auditing assistants as may be required to perform theduties required by G.S. 54‑109.49. The board of directors may remove orsuspend any member of the supervisory committee for neglect of duty,misfeasance, malfeasance, official misconduct, or for other good cause shown.
(c) The board ofdirectors shall appoint a credit committee from the membership consisting of anodd number, not less than three, for such terms as the bylaws provide or, inlieu of a credit committee, appoint one or more loan officers from themembership and, in such instances, duties and responsibilities of the creditcommittee shall be carried out by such loan officer or officers. (1975,c. 538, s. 1.)