Maine § 9-B §842 Board of directors

Maine Statutes

§ 9-B §842 — Board of directors

Maine § 9-B §842

Title 9-BFINANCIAL INSTITUTIONS

Part 8CREDIT UNIONS

Ch. 84MANAGEMENT AND OPERATIONS

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Bluebook

Me. Rev. Stat. tit. 9-B, § 9-B §842 (2026).

Text

The management and control of the affairs of a credit union shall be vested in a board of directors, whose powers shall be exercised in accordance with the provisions of this section.

1.Number, election and qualifications.

2.Powers and duties. The board of directors shall manage the affairs, funds and records of the credit union and shall meet as often as necessary, but not less than once a month, notice of the meeting to be made in the manner prescribed in the bylaws. The superintendent may approve fewer meetings upon a credit union's demonstration of good cause. As set forth below, the special duties of the board of directors are:

3.Compensation. A member of the board of directors may not receive any compensation for the member's services as a member of the board or as a member of any

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The management and control of the affairs of a credit union shall be vested in a board of directors, whose powers shall be exercised in accordance with the provisions of this section.
1.
Number, election and qualifications.
2.
Powers and duties.
The board of directors shall manage the affairs, funds and records of the credit union and shall meet as often as necessary, but not less than once a month, notice of the meeting to be made in the manner prescribed in the bylaws. The superintendent may approve fewer meetings upon a credit union's demonstration of good cause. As set forth below, the special duties of the board of directors are:
3.
Compensation.
A member of the board of directors may not receive any compensation for the member's services as a member of the board or as a member of any committees of the credit union.
4.
Director as a committee member.
No director of a credit union shall be a member of both the credit and the supervisory committees of the credit union, unless the number of members in the credit union is less than 11.
5.
Comakers of loans.

Legislative History

PL 1975, c. 500, §1 (NEW). PL 1983, c. 51, §4 (AMD). PL 1997, c. 108, §13 (AMD). PL 1997, c. 566, §1 (AMD). PL 2003, c. 322, §§29-32 (AMD). PL 2023, c. 539, §2 (AMD). RR 2025, c. 1, Pt. D, §§39, 40 (COR).