New Mexico § 58-11-33 Authority and responsibility of board members

New Mexico Statutes

§ 58-11-33 — Authority and responsibility of board members

New Mexico·Ch. 58 Financial Institutions and Regulations·Art. 11 Credit Unions

The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may: A. limit the dollar amount of share and deposit accounts which may be owned by a member, provided such limitations shall equally apply to all members; and B. authorize the credit union to contribute funds to any nonprofit civic, charitable, educational, research or service organization.

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The board of directors shall have the authority and responsibility for providing the general direction of the business affairs, funds and records of the credit union. In addition to all other powers authorized in the Credit Union Act, the board of directors may: A. limit the dollar amount of share and deposit accounts which may be owned by a member, provided such limitations shall equally apply to all members; and B. authorize the credit union to contribute funds to any nonprofit civic, charitable, educational, research or service organization.

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