Board of directors; meetings; powers and duties; executive committee; membership officers; membership application

8 rules

The board of directors shall meet at least once a month and shall have the general direction and control of the affairs of the Federal credit union. Minutes of all meetings shall be kept. Among other things, the board of directors shall—

(1) act upon applications for membership or appoint membership officers from among the members of the credit union, other than the board member paid as an officer, the financial board officer, any assistant to the paid officer of the board or to the financial officer, or any loan officer;

(2) provide adequate fidelity coverage for officers and employees having custody of or handling funds according to regulations issued by the Board;

(3) fill vacancies on the board of directors until successors elected at the next annual meeting have qualified;

(4) if the bylaws provide for an elected credit committee, fill vacancies on the credit committee until successors elected at the next annual meeting have qualified;

(5) appoint the members of the supervisory committee and, if the bylaws so provide, appoint the members of the credit committee;

(6) have charge of investments including the right to designate an investment committee of not less than two to act on its behalf;

(7) determine the maximum number of shares, share certificates, and share draft accounts, and the classes of shares, share certificates, and share draft accounts;

(8) subject to any limitations of this subchapter, 1 1 See References in Text note below. determine the interest rates on loans, the security, and the maximum amount which may be loaned and provided in lines of credit;

(9) authorize interest refunds to members of record at the close of business on the last day of any dividend period from income earned and received in proportion to the interest paid by them during that dividend period;

(10) if the bylaws so provide, appoint one or more loan officers and delegate to these officers the power to approve or disapprove loans, lines of credit, or advances from lines of credit;

(11) establish the par value of the share;

(12) subject to the limitations of this subchapter and the bylaws of the credit union, provide for the hiring and compensation of officers and employees;

(13) if the bylaws so provide, appoint an executive committee of not less than three directors to act on its behalf and any other committees to which it can delegate specific functions;

(14) prescribe conditions and limitations for any committee which it appoints;

(15) review at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting together with such other related information as it or the bylaws require;

(16) provide for the furnishing of the written reasons for any denial of a membership application to the applicant upon the written request of the applicant;

(17) in the absence of a credit committee, and upon the written request of a member, review a loan application denied by a loan officer;

(18) declare the dividend rate to be paid on shares, share certificates, and share draft accounts pursuant to the terms and conditions of section 1763 of this title ;

(19) establish and maintain a system of internal controls consistent with the regulations of the Board;

(20) establish lending policies; and

(21) do all other things that are necessary and proper to carry out all the purposes and powers of the Federal credit union, subject to regulations issued by the Board.

Board of directors; meetings; powers and duties; executive committee; membership officers; membership application

8 rules

Official source

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(2) provide adequate fidelity coverage for officers and employees having custody of or handling funds according to regulations issued by the Board;

(3) fill vacancies on the board of directors until successors elected at the next annual meeting have qualified;

(4) if the bylaws provide for an elected credit committee, fill vacancies on the credit committee until successors elected at the next annual meeting have qualified;

(5) appoint the members of the supervisory committee and, if the bylaws so provide, appoint the members of the credit committee;

(6) have charge of investments including the right to designate an investment committee of not less than two to act on its behalf;

(7) determine the maximum number of shares, share certificates, and share draft accounts, and the classes of shares, share certificates, and share draft accounts;

(10) if the bylaws so provide, appoint one or more loan officers and delegate to these officers the power to approve or disapprove loans, lines of credit, or advances from lines of credit;

(11) establish the par value of the share;

(12) subject to the limitations of this subchapter and the bylaws of the credit union, provide for the hiring and compensation of officers and employees;

(13) if the bylaws so provide, appoint an executive committee of not less than three directors to act on its behalf and any other committees to which it can delegate specific functions;

(14) prescribe conditions and limitations for any committee which it appoints;

(16) provide for the furnishing of the written reasons for any denial of a membership application to the applicant upon the written request of the applicant;

(17) in the absence of a credit committee, and upon the written request of a member, review a loan application denied by a loan officer;

(18) declare the dividend rate to be paid on shares, share certificates, and share draft accounts pursuant to the terms and conditions of section 1763 of this title ;

(19) establish and maintain a system of internal controls consistent with the regulations of the Board;

(20) establish lending policies; and

(21) do all other things that are necessary and proper to carry out all the purposes and powers of the Federal credit union, subject to regulations issued by the Board.

name: minimum_board_meetings_per_month kind: parameter dtype: Count source: 12 USC 1761b, opening sentence metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: meet at least once a month versions: - effective_from: '0001-01-01' formula: '1'

name: minimum_investment_committee_members kind: parameter dtype: Count source: 12 USC 1761b(6) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: investment committee of not less than two versions: - effective_from: '0001-01-01' formula: '2'

name: minimum_loan_officers_when_bylaws_provide kind: parameter dtype: Count source: 12 USC 1761b(10) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: appoint one or more loan officers versions: - effective_from: '0001-01-01' formula: '1'

name: minimum_executive_committee_directors kind: parameter dtype: Count source: 12 USC 1761b(13) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: executive committee of not less than three directors versions: - effective_from: '0001-01-01' formula: '3'

name: monthly_board_meeting_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b, opening sentence metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: The board of directors shall meet at least once a month - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_board_meetings_per_month output: minimum_board_meetings_per_month hash: sha256:local versions: - effective_from: '0001-01-01' formula: board_meetings_in_month >= minimum_board_meetings_per_month

name: investment_committee_designation_valid kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(6) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: designate an investment committee of not less than two - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_investment_committee_members output: minimum_investment_committee_members hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- (not investment_committee_designated) or investment_committee_member_count >= minimum_investment_committee_members

name: loan_officer_appointment_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(10) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: if the bylaws so provide, appoint one or more loan officers - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_loan_officers_when_bylaws_provide output: minimum_loan_officers_when_bylaws_provide hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- (not bylaws_provide_for_loan_officers) or appointed_loan_officer_count >= minimum_loan_officers_when_bylaws_provide

name: executive_committee_appointment_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(13) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: >- if the bylaws so provide, appoint an executive committee of not less than three directors - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_executive_committee_directors output: minimum_executive_committee_directors hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- (not bylaws_provide_for_executive_committee) or (executive_committee_appointed and executive_committee_director_count >= minimum_executive_committee_directors)

- name: minimum_board_meetings_per_month kind: parameter dtype: Count source: 12 USC 1761b, opening sentence metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: meet at least once a month versions: - effective_from: '0001-01-01' formula: '1'

- name: minimum_investment_committee_members kind: parameter dtype: Count source: 12 USC 1761b(6) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: investment committee of not less than two versions: - effective_from: '0001-01-01' formula: '2'

- name: minimum_loan_officers_when_bylaws_provide kind: parameter dtype: Count source: 12 USC 1761b(10) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: appoint one or more loan officers versions: - effective_from: '0001-01-01' formula: '1'

- name: minimum_executive_committee_directors kind: parameter dtype: Count source: 12 USC 1761b(13) metadata: proof: atoms: - path: versions[0].formula kind: amount source: corpus_citation_path: us/statute/12/1761b excerpt: executive committee of not less than three directors versions: - effective_from: '0001-01-01' formula: '3'

- name: monthly_board_meeting_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b, opening sentence metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: The board of directors shall meet at least once a month - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_board_meetings_per_month output: minimum_board_meetings_per_month hash: sha256:local versions: - effective_from: '0001-01-01' formula: board_meetings_in_month >= minimum_board_meetings_per_month

- name: investment_committee_designation_valid kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(6) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: designate an investment committee of not less than two - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_investment_committee_members output: minimum_investment_committee_members hash: sha256:local versions: - effective_from: '0001-01-01' formula: |- (not investment_committee_designated) or investment_committee_member_count >= minimum_investment_committee_members

- name: loan_officer_appointment_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(10) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: if the bylaws so provide, appoint one or more loan officers - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_loan_officers_when_bylaws_provide output: minimum_loan_officers_when_bylaws_provide hash: sha256:local versions: - effective_from: '0001-01-01' formula: |- (not bylaws_provide_for_loan_officers) or appointed_loan_officer_count >= minimum_loan_officers_when_bylaws_provide

- name: executive_committee_appointment_requirement_satisfied kind: derived entity: FederalCreditUnionBoard dtype: Judgment period: Month source: 12 USC 1761b(13) metadata: proof: atoms: - path: versions[0].formula kind: formula source: corpus_citation_path: us/statute/12/1761b excerpt: >- if the bylaws so provide, appoint an executive committee of not less than three directors - path: versions[0].formula kind: import import: target: us:statutes/12/1761b#minimum_executive_committee_directors output: minimum_executive_committee_directors hash: sha256:local versions: - effective_from: '0001-01-01' formula: >- (not bylaws_provide_for_executive_committee) or (executive_committee_appointed and executive_committee_director_count >= minimum_executive_committee_directors)