Section 13. The board of directors shall have the general direction of the affairs of the corporation and shall meet as often as may be necessary, but not less than once each month. A quorum shall consist of not less than a majority of the directors. If less than a quorum is present, a majority of those present may adjourn the meeting until the next regular meeting or another time prior thereto. It shall act upon all applications for membership and upon the expulsion of members, shall determine the rate of interest on loans subject to the limitations contained in this chapter, shall determine the rate of interest to be paid on deposits, may declare dividends as provided in section 29 and shall fill vacancies in the board of directors and committees until the next annual election. The establishment of deposit accounts or the discontinuance thereof may be authorized by the board of directors of the credit union. It shall make recommendations to the members of the credit union relative to the maximum amount to be loaned to any one member; the need of amendments to the by-laws, and other matters upon which, in its opinion, the members should act at any regular or special meeting. The board of directors may borrow money for and on behalf of the credit union as authorized by section seventy-three. It may, by a two-thirds vote, remove from office for cause any officer or any member of any committee. It may also elect an honorary president, who shall be a member of said credit union. Said honorary president shall not be compensated in any way by the credit union.

Unless the by-laws otherwise provide, a member of the board of directors or any committee designated thereby may participate in a meeting of the board or committee by means of a conference telephone or similar electronic communications equipment by means of which persons participating in the meeting may simultaneously hear each other, and participation by those means shall constitute presence in person at a meeting. A member may transmit a written authorization that may be required during the meeting by electronic facsimile or other commercially acceptable transmission.