§ 472 — Special duties of directors

§ 472. Special duties of directors. Unless the bylaws shall expressly\nreserve any or all of the following duties to the shareholders, it shall\nbe the special duty of the directors:\n 1. To act upon applications for membership and to expel members;\nprovided that the board of directors may appoint a membership committee\nconsisting of not less than two directors, which committee may act upon\napplications for membership and approve persons for membership under\nsuch conditions as the board may prescribe; except that such committee\nso authorized shall submit to the board at each monthly meeting a list\nof approved or pending applications for membership received since the\nprevious monthly meeting, together with such other related information\nas the board may require.\n 2. To fix the amount of surety bond required of each officer having\nthe control or custody of funds.\n 3. To determine from time to time the rate of interest which shall be\nallowed on deposits and charged on loans.\n 4. To fix the maximum number and classes of shares, share drafts and\nshare certificates which may be held by, and the maximum amount which\nmay be lent to, any member, subject in each case, however, to the\nrestrictions contained in section four hundred fifty-six of this\narticle.\n 5. To declare dividends and authorize an interest refund to all\nmembers of record at the close of business on the last day of any\ndividend period in proportion to the interest paid by them during the\ndividend period. The amount of interest refund to the members shall be\nin proportion to the amount of interest paid by them during the dividend\nperiod as determined by the application of a uniform percentage. The\nboard may authorize an interest refund for a dividend period only during\na month in which, under the bylaws, it may declare a dividend for such\nperiod, except that if, under the bylaws, a credit union has for the\ncalendar year dividend periods more frequently than annually and an\ninterest refund was omitted for one or more of such dividend periods,\nthe board, during the time permitted for the declaration of the current\ndividend, may authorize an interest refund for the current dividend\nperiod and for any one or more of the omitted dividend periods. However,\nthe board shall not authorize an interest refund for any dividend period\nwith respect to which it has not declared a dividend. An interest refund\nshall be recorded on the books of the credit union as a reduction of\ninterest income.\n 6. To recommend amendments to the bylaws.\n 7. To fill vacancies in the board of directors or the credit or\nsupervisory committees as provided for in the bylaws.\n 8. To choose a chairman and recording officer of the credit committee\nfrom among the members thereof at the annual organization meeting of the\nboard of directors of the credit union.\n 9. To direct the deposit or investment of funds, except loans to\nmembers.\n 10. To perform such other duties as the bylaws may prescribe.\n