(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]Section: Previous 723.292 723.296 723.302 723.306 723.312 723.316 723.322 723.326 723.332 723.338 723.350 723.360 723.370 723.380 723.390 Next
Last modified: August 7, 2008