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Duties of directors generally - 17 Pa. Cons. Stat. § 707

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     § 707.  Duties of directors generally.
        (a)  General rule.--The directors of a credit union shall
     have general management of the affairs of the credit union and
     are specifically required:
            (1)  To act on applications for membership.
            (2)  To determine interest rates on loans.
            (3)  To fix the amount of the surety bond which shall be
        required of all officers and employees handling money which
        amount shall be not less than the minimum schedule
        established by the department.
            (4)  To declare dividends or recommend dividends as
        provided in the bylaws.
            (5)  To transmit or cause to be transmitted to the
        members all proposed amendments to the bylaws.
            (6)  If the bylaws provide for appointed credit or
        supervisory committees, to appoint individuals to serve on
        the credit committee or the supervisory committee and to fill
        vacancies in the board and in the credit committee until
        successors are duly chosen and qualified.
            (7)  To determine the maximum individual share holdings
        and, subject to the limitations contained in this title, the
        maximum individual loan which can be made with or without
        security.
            (8)  To have charge of investments, first mortgage loans
        and loans to other credit unions and Federal credit unions
        but not loans to members which are under the supervision of
        the credit committee as otherwise provided in this title. The
        board may, however, delegate to the credit committee the
        authority to approve some or all first mortgage loans and to
        an investment committee or qualified individual the authority
        to make all or some investments if the board first
        establishes guidelines and standards for the approval and
        making of such loans and investments in accordance with the
        policies of the board of directors.
            (9)  To fix the amount of compensation of directors,
        officers, committee members, loan officers and employees.
            (10)  To determine whether, to what extent and to what
        class or classes of borrowers, if any, an interest refund is
        to be made in any dividend period. Any such interest refund
        shall be paid in proportion to the interest paid by each
        borrower within any class during that dividend period.
            (11)  To appoint alternate credit committee members as
        needed to serve during incapacity or absence of the credit
        committee members.
        (b)  Notice of interest refund to department.--Immediately
     upon the board deciding to refund any interest pursuant to
     subsection (a)(10), notice of such decision and a copy of any
     board resolution and related documents shall forthwith be sent
     to the department. The department shall, within 30 days after
     receipt thereof, have the power to disapprove, for any
     reasonable cause stated in writing, any such interest refund. If
     the department does not disapprove the interest refund within 30
     days, the interest refund shall become effective.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

Last modified: November 27, 2007