(1) The board of directors shall manage the business and affairs of the credit union. The duties of the board include, but are not limited to, the duties listed in this section. The board may not delegate duties listed in subsection (2) of this section. The board may delegate the duties listed in subsection (3) of this section to a committee, officer or employee of the credit union, who shall provide appropriate information to the board regarding the exercise of the duties.
(2) The board shall:
(a) Establish the requirements for membership in the credit union, including the par value, if any, of a share;
(b) Declare dividends on shares and share certificates as provided by the bylaws;
(c) Authorize interest refunds, if any, to members from income earned and received in proportion to the interest paid by them on classes of loans and under conditions that the board prescribes;
(d) Authorize the employment of persons necessary to carry on the business of the credit union and fix the compensation of the manager or chief executive officer;
(e) Authorize the conveyance of property;
(f) Suspend members of the credit or supervisory committee for failure to perform their duties;
(g) Appoint any special committees the board considers necessary;
(h) Perform other duties as the members of the credit union from time to time direct, and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members;
(i) Limit the number of shares and the amount of deposits that may be owned by a member and ensure that limitations adopted under this subsection apply alike to all members; and
(j) Establish policies and controls regarding the investment of surplus funds.
(3) In addition to the duties listed in subsection (2) of this section, and subject to subsection (1) of this section, the board shall:
(a) Act upon applications for membership. If this duty is delegated, a record of an approval or denial of membership must be made available to the board. A person denied membership by a committee, officer or employee of the credit union may appeal the denial to the board.
(b) Purchase a blanket fidelity bond, in accordance with ORS 723.122.
(c) Determine from time to time the interest rate or rates that shall be charged on loans.
(d) Determine the prospective dividend rate to be paid on shares and share certificates and the interest rate or rates that will be paid on deposits and deposit certificates.
(e) Designate a depository or depositories for the funds of the credit union.
(f) Borrow or lend money to carry out the functions of the credit union. [1975 c.652 §34; 1981 c.412 §7; 1985 c.762 §95; 1985 c.801 §3; 1987 c.286 §5; 1997 c.832 §5; 2005 c.95 §7]
Section: Previous 723.275 723.276 723.280 723.282 723.286 723.290 723.292 723.296 723.302 723.306 723.312 723.316 723.322 723.326 723.332 NextLast modified: August 7, 2008