81-13-27 - Directors, officers; special duty of directors. - Mississippi Statutes

§ 81-13-27. Directors, officers; special duty of directors.
 

At the first meeting and at each first meeting in the fiscal year, the board of directors shall elect from their own number a president or chairman, vice president or vice chairman, treasurer, and may elect a secretary. At each board, special or annual meeting, the president/chairman shall appoint a recording secretary to accurately record the actions taken at said meeting. The board of directors shall have the general management of the affairs, funds and records of the corporation and shall meet as often as may be necessary. Unless the bylaws shall specifically reserve any or all of the duties to the members, it shall be the special duty of the directors: 
 

(a) To act upon all applications for membership and on the expulsion of members; 

(b) To determine, from time to time, rates of interest which shall be allowed on deposits and charged on loans; 

(c) To fix the amount of the surety bond which shall be required of each officer having the custody of funds; 

(d) To fix the maximum number of shares which may be held by, and the maximum amount which may be loaned to any one (1) member; to declare dividends and recommend amendments to the bylaws; 

(e) To fill vacancies in the board of directors and credit committee until the election and qualification of successors; 

(f) To have charge of the investment of funds of the corporation, other than loans to members, and to perform such other duties as the members may, from time to time, authorize. 
 

Sources: Codes, 1930, § 4243; 1942, § 5404; Laws,  1924, ch. 177; reenacted without change, 1982, ch. 304, § 16; reenacted and amended, 1995, ch. 374, § 15; reenacted without change, Laws,  1997, ch. 368, § 15; reenacted without change, Laws, 2001, ch. 408, § 15, eff from and after July 1, 2001.