Board of directors: Duties

The directors of a credit union shall: 1. Purchase a blanket fidelity bond in accordance with the regulations of the Commissioner which provides the credit union with protection against losses from misappropriation, defalcation in breach of trust, negligence, acts of God or nature, fire, burglary, robbery or other cause over which the bonded officers, employers and agents had no control; 2. Declare dividends in the manner prescribed in the bylaws; 3. Determine the interest rate to be charged on loans and paid on deposits; 4. Limit the number of shares and the amount of deposits which may be owned by any member; 5. Establish the compensation of all employees and officers; 6. Establish the maximum secured and unsecured loan which may be made to any one member; 7. Designate a depository or depositories for the money of the credit union; 8. Suspend or remove any member who fails to perform or negligently performs his or her assigned duties; 9. Establish compensation to be paid any employee, officer or other persons performing services on behalf of the credit union; 10. Determine from time to time the interest rate, consistent with the provisions of this chapter, which will be charged on loans; and 11. Authorize interest refunds to members from income earned and received in proportion to interest paid by them on such classes of loans. Such refunds are subject to conditions imposed by the board.