§ 6-328

(a) In addition to any power or duty provided for by law, the board shall:

(1) Act on each application for membership;

(2) Approve the amount of any blanket fidelity bond and any appropriate insurance or surety bond;

(3) Limit the number of shares or deposits that a member or depositor may hold;

(4) Limit the amount that the credit union may lend to any one member and establish the interest rate on all loans;

(5) Determine the interest rate on deposits and the manner of calculation;

(6) In the absence of a credit committee, appoint one or more loan officers and delegate to those officers the power to approve or disapprove loans and lines of credit in accordance with written policies established by the board;

(7) In the absence of a credit committee and upon written request of a member, review a loan application denied by a loan officer or establish a subcommittee of the board for this purpose;

(8) Fill any vacancy on the supervisory committee or, if any, a credit committee;

(9) Manage the investment of credit union funds in accordance with written investment policies established by the board;

(10) Set the amount of compensation for the president;

(11) Appoint standing or special committees, as necessary, to carry on the business of the credit union and prescribe conditions and limitations for any committee that the board appoints;

(12) Approve an annual operating budget for the credit union;

(13) Establish and adopt written policies necessary to implement the powers and duties of the credit union, including policies on:

(i) Loans and lending;

(ii) Investments;

(iii) Employment and personnel;

(iv) Funds management;

(v) Collections;

(vi) Charge offs; and

(vii) Expulsion of members;

(14) Make adequate provision for:

(i) Investment losses;

(ii) The statutory reserve account;

(iii) Any special reserve account; and

(iv) The allowance for a loan and lease loss account;

(15) Determine the amount, if any, that may be assessed for late fees or other charges;

(16) Delegate to the officers, employees, or committees duties as the board may deem appropriate;

(17) Establish and maintain a system of internal controls consistent with safety and soundness and generally accepted accounting principles; and

(18) Except for any instance where, in the judgment of the board, it would result in damage to the credit union’s financial soundness or would otherwise force the board to abrogate their fiduciary responsibility, perform every other duty that the members require.

(b) (1) Subject to the provisions of paragraphs (2) and (3) of this subsection, the board may suspend a member of the supervisory committee.

(2) The suspension:

(i) Shall be by a two-thirds vote of the board; and

(ii) Takes effect immediately and remains in effect until the board convenes a meeting of the members to vote on the suspension.

(3) Immediately after the board votes to suspend a member of the supervisory committee, the board shall:

(i) Call a meeting of the members, to be held no later than 15 days after the date of the suspension, for the purpose of voting on the suspension; and

(ii) Notify the Commissioner in writing about the suspension.