Board of directors: Responsibilities; meetings; executive committee; alternative means for conducting meeting

1. Except as otherwise provided in subsection 2, the board of directors is responsible for the general direction of the affairs, funds and records of the credit union and shall meet as often as necessary to accomplish their duties, but not less than six times during each calendar year, including not less than one time during each calendar quarter. 2. The Commissioner may require the board to meet more frequently than six times during any calendar year if the Commissioner determines it is necessary to address matters relating to an examination conducted pursuant to this chapter. 3. The board may appoint an executive committee of not less than three directors who may be authorized, by a majority vote of the whole board, to act for the board subject to any conditions or limitations the board may prescribe. 4. Except as otherwise provided in the articles of incorporation or the bylaws, the board of directors may conduct a meeting through electronic communications, videoconferencing, teleconferencing or other available technology which allows the directors to communicate simultaneously or sequentially. Participating in a meeting pursuant to this subsection constitutes presence in person at the meeting.