§ 470 — Powers and duties of directors; not entitled to compensation; disqualification of directors

New York § 470

• Jurisdiction: New York
• Law BNK: Banking
• Art. 11: Credit Unions

Text

§ 470. Powers and duties of directors; not entitled to compensation;\ndisqualification of directors. 1. The board of directors of every credit\nunion shall have the general management of the affairs, funds and\nrecords of the corporation. No member of the board of directors shall\nreceive any compensation for his services as a member of the board.\nWhenever the directors shall deem any loan unsafe they may, in their\ndiscretion, require additional security to be given by the borrower, and\nif such security is not furnished as required by them, they may declare\nthe loan due and take action to collect the same. Complete minutes of\nall meetings of directors shall be kept which shall include the names of\nthe directors present.\n 2. No person shall be eligible for election as a director of a credit\nunion if such person's spouse is a director or one of the five highest\npaid salaried officers of the credit union, if such person or such\nperson's spouse is the grandparent, parent, child, grandchild, brother,\nsister, uncle, nephew, or niece of a director or one of the five highest\npaid salaried officers of the credit union, or if a director or one of\nthe five highest paid salaried officers of the credit union is the\nspouse of such person's child, grandchild, brother or sister.\n No director in office on July seventeenth, nineteen hundred eighty-six\nshall be ineligible for the office of director by reason of the\nprovisions of this subdivision.\n