370.200. Duties of board.

MISSOURI STATUTES AND CODES

Duties of board.

370.200. The board of directors shall have the generalmanagement of the affairs, funds and records of the corporation,and unless they shall be specifically reserved to the members, itshall be the special duty of the directors:

(1) To act upon all applications for membership and on theexclusion of members or the board may delegate to a membershipofficer the approval of membership applications, and a record ofsuch officer's approval or denial of membership shall beavailable to the board of directors for inspection, and a persondenied membership by such officer may appeal such denial to theboard;

(2) To determine, from time to time, rates of interest whichshall be charged on loans;

(3) To fix the amount of the surety bond which shall berequired of each officer having the custody of funds;

(4) To fix the maximum number of shares which may be held byand the maximum amount, both secured and unsecured, which may beloaned to any one member, such limitations to apply alike to allmembers;

(5) To declare dividends;

(6) To accept and act upon resignations and determine andfill vacancies on the board of directors, credit committee, and,if the bylaws so provide, the supervisory committee until theelection or appointment of qualified successors;

(7) To have charge of the investment of funds of the creditunion, other than loans to members, and to perform such otherduties as the members may, from time to time, authorize;

(8) To amend the bylaws except for those provisions in othersections of this chapter specifically reserved for membershipaction.