Oregon Statutes - Chapter 723 - Credit Unions - Section 723.326 - Suspension and removal of officials; restrictions on service as director.

(1) The supervisory committee by a unanimous vote may suspend any member of the credit committee and shall report such action to the board of directors for appropriate action.

(2) The supervisory committee by a unanimous vote may suspend any officer or member of the board until the next membersí meeting. The next membersí meeting must be held not less than 14 nor more than 45 days after the suspension. At the meeting the members shall decide whether to remove the suspended officer or board member.

(3) Any member of the supervisory committee may be removed by the board for failure to perform duties prescribed in this chapter or in the credit unionís articles of incorporation, bylaws or policies.

(4) A person may not serve as a director if the person has defaulted on payment of a voluntary obligation to the credit union or has otherwise caused the credit union to incur a financial loss. [1975 c.652 §40; 1985 c.762 §96; 1999 c.185 §16; 2005 c.95 §8]

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Last modified: August 7, 2008