31.12.285 - Suspension of members of board or supervisory committee by board -- For cause.

Suspension of members of board or supervisory committee by board — For cause.

The board may suspend for cause a member of the board or a member of the supervisory committee until a membership meeting is held. The membership meeting must be held within thirty days after the suspension. The members attending the meeting shall vote whether to remove a suspended party. For purposes of this section, "cause" includes demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the board, threaten the safety and soundness of the credit union.

[1997 c 397 § 21; 1984 c 31 § 30.]