Section 6-325 - Directors - Number, qualifications, tenure, and oath. - Maryland Statutes

§ 6-325. Directors - Number, qualifications, tenure, and oath.
 

(a)  Number.- Each credit union shall have at least five directors. 

(b)  Qualifications.- Each director: 

(1) Shall be a member of the credit union; 

(2) Shall be bonded; 

(3) May not have: 

(i) Defaulted on the payment of any monetary obligation to the credit union; 

(ii) Been convicted of any criminal offense involving dishonesty or breach of trust; 

(iii) Habitually neglected to pay debts; 

(iv) Become insolvent or bankrupt; or 

(v) Been removed by any state or federal regulatory agency from office as an officer, official, or employee of a financial institution; and 

(4) Shall comply with any other qualifications set forth in the credit union bylaws. 

(c)  Tenure.- A director holds office for the term that the bylaws provide, which may not exceed 3 years, and until a successor is elected and qualifies. 

(d)  Oath of office.- Each director shall take an oath that the director: 

(1) Will diligently and honestly perform the duties as director in administering the credit union's affairs; 

(2) Will remain responsible for the performance of the duties of the director even if the director delegates the performance of the duties; and 

(3) Will not knowingly or willfully permit the violation of an applicable law or regulation. 

(e)  Chairman.- The chairman and, if any, vice chairman of the board shall be elected by and from the directors. 
 

[CA § 6-315; 1980, ch. 33, § 2; 1992, ch. 445; 2001, ch. 147, § 1; ch. 148, § 1.]