17 Pennsylvania Consolidated Statutes Chapter 7 - Members, Directors And Officers

• Chapter Notes
• Section 701 - Membership
  (a) General rule.--Credit union organizations shall be limited to groups having a potential membership of 500 or more adult persons and having a common...
• Section 702 - Meetings
  The annual meeting shall be held at the time, place and in the manner indicated in the bylaws. Special meetings may also be held...
• Section 703 - Voting Rights And Procedures
  At all meetings a member shall have but one vote, irrespective of his shareholdings. There shall be no voting by proxy, but any member,...
• Section 704 - Notice To Members
  (a) General rule.--All notices required by this title to be given to members shall be: (1) delivered in person to each member; (2) mailed...
• Section 705 - Expulsion, Suspension And Withdrawal
  (a) Expulsion.--Unless otherwise provided in the credit union's bylaws: (1) The board of directors may expel a member for cause by a majority vote...
• Section 706 - Election Of Directors And Credit And Supervisory Committee Members
  § 706. Election of directors and credit and supervisory committee members. (a) General rule.--At the organization meeting and at all subsequent annual meetings, the...
• Section 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)...
• Section 708 - Officers
  At their organizational meeting and within 30 days following each annual meeting of the members, the directors shall elect from their own number either...
• Section 709 - Compensation Of Directors And Officers
  Members of the board of directors, the credit committee and the supervisory committee may be compensated if the credit union pays dividends to its...
• Section 710 - Executive Committee
  The directors may appoint from their own number an executive committee of not less than three directors, who may be authorized to act for...
• Section 711 - Procedures For Approving Service By Certain Persons
  (a) General rule.--No person who has been convicted of a misdemeanor or a felony involving dishonesty, breach of trust or violation of this title...
• Section 712 - Indemnification And Exoneration From Liability Of Directors And Officers
  § 712. Indemnification and exoneration from liability of directors and officers. (a) Indemnification.--A credit union shall be governed by the provisions of 15 Pa.C.S....
• Section 713 - Loan Procedures
  (a) Credit committee.--If the bylaws provide for a credit committee, the credit committee shall have the supervision of all loans to members other than...
• Section 714 - Annual Audit
  (a) Supervisory committee.--If the bylaws of the credit union provide for a supervisory committee, the duties of the supervisory committee shall be as follows:...
• Section 715 - Actions By Members To Enforce A Secondary Right
  (a) General rule.--In any action brought to enforce a secondary right on the part of one or more members against any officer or director...

Last modified: October 8, 2016