32-3-412. Duties of directors. The directors shall:
     (1) act upon applications for membership or appoint one or more membership officers to approve applications for membership under conditions prescribed by the board. A record of a membership officer's approval or denial of membership must be available to the board of directors for inspection. A person denied membership by a membership officer may appeal the denial to the board.
     (2) purchase a blanket fidelity bond, in accordance with any rules of the department of administration, to protect the credit union against losses caused by occurrences covered by the bond such as fraud, dishonesty, forgery, theft, misappropriation, misapplication, or unfaithful performance of duty by a director, officer, employee, member of an official committee, or other agent. However, the directors have the option of providing coverage under this subsection for only the treasurer elected by the board.
     (3) determine from time to time the interest rate or rates consistent with this chapter to be charged on loans and authorize interest refunds, if any, to members from income earned and received in proportion to the interest paid by them on classes of loans and under conditions prescribed by the board;
     (4) fix from time to time the maximum amount that may be loaned to any one member;
     (5) declare dividends on shares in the manner and form provided in the bylaws;
     (6) limit the number of shares that may be owned by a member, the limitations to apply alike to all members;
     (7) have charge of the investment of surplus funds, except that the board of directors may designate an investment committee or any qualified individual to have charge of making investments under controls established by the board of directors;
     (8) authorize the employment of persons necessary to carry on the business of the credit union, including the credit manager, loan officers, and auditing assistants requested by the supervisory committee, and fix the compensation, if any, of the treasurer and the general manager and provide for compensation for other employees within guidelines predetermined by the board of directors;
     (9) authorize the conveyance of property;
     (10) borrow or lend money to carry on the functions of the credit union;
     (11) designate a depository or depositories for the funds of the credit union;
     (12) suspend any or all members of the credit or supervisory committee for failure to perform their duties;
     (13) appoint any special committees considered necessary; and
     (14) perform other duties as the members from time to time direct and perform or authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.

     History: En. 14-631 by Sec. 31, Ch. 38, L. 1975; amd. Sec. 45, Ch. 359, L. 1977; R.C.M. 1947, 14-631; amd. Sec. 5, Ch. 522, L. 1985; amd. Sec. 26, Ch. 237, L. 2003.