26-2114A. BOARD MEMBERS — QUALIFICATIONS. (1) A member of the board of directors must be a natural person and a member of the credit union. If a member of the board of directors ceases to be a member of the credit union, that person’s service as a member of the board of directors shall terminate effective on termination of membership in the credit union.
(2)(a) If a member of the board of directors is absent from more than one-fourth (1/4) of the regular board meetings in any twelve (12) month period without being reasonably excused by the board, the member shall no longer serve on the board of directors.
(b) The board shall determine whether a member of the board is excluded from service pursuant to paragraph (a) of this subsection. After such determination has been made, the board secretary shall promptly notify the member of the board that such member shall no longer serve on the board. Failure to provide notice does not affect the termination of the member’s service under paragraph (a) of this subsection.
(3) A member of the board of directors must meet any qualification requirements set forth in the credit union’s bylaws. If the board determines that a member fails to meet such requirements, the member shall no longer serve on the board.
(4) The operating officers and employees of the credit union may not serve as members of the board of directors of the credit union.
History:
[26-2114A, added 2018, ch. 165, sec. 7, p. 332.]
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