Arizona § 6-537 Certain duties of directors; insurance

Arizona Statutes

§ 6-537 — Certain duties of directors; insurance

Arizona § 6-537

Title 6Arizona Revised Statutes

Ch. 4CREDIT UNIONS

Art. 5Direction of Affairs

This text of Arizona § 6-537 (Certain duties of directors; insurance) is published on Counsel Stack Legal Research, covering Arizona primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ariz. Rev. Stat. Ann. § 6-537 (2026).

Text

A.In addition to the duties prescribed in this chapter, the board of directors shall:

1.Purchase adequate fidelity coverage for the credit union covering the president and other officials and employees handling or having custody of monies or property of the credit union.

2.Authorize the employment and compensation of the president, who may hire other persons as are necessary to carry out the business of the credit union.

3.Approve an operating budget for the credit union.

4.Authorize the conveyance of property.

5.Appoint special committees.

B.The board of directors shall perform other duties as the members from time to time may direct and perform or authorize any action not inconsistent with law or not specifically reserved by the bylaws to the members.

C.The board of direct

Free access — add to your briefcase to read the full text and ask questions with AI

A. In addition to the duties prescribed in this chapter, the board of directors shall:

1. Purchase adequate fidelity coverage for the credit union covering the president and other officials and employees handling or having custody of monies or property of the credit union.

2. Authorize the employment and compensation of the president, who may hire other persons as are necessary to carry out the business of the credit union.

3. Approve an operating budget for the credit union.

4. Authorize the conveyance of property.

5. Appoint special committees.

B. The board of directors shall perform other duties as the members from time to time may direct and perform or authorize any action not inconsistent with law or not specifically reserved by the bylaws to the members.

C. The board of directors shall purchase and maintain insurance for the credit union on behalf of a person who is or was a director, officer, employee or agent of the credit union, or who is or was serving at the request of the credit union as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against any liability asserted against the person and incurred by the person in any such capacity or arising out of the person's status as such, whether or not the credit union would have the power to indemnify the person against the liability.