§ 19-5-12 - Powers and duties of directors. - Rhode Island Statutes

SECTION 19-5-12

   § 19-5-12  Powers and duties of directors.– The board of directors shall be responsible for the general management of theaffairs, funds, and records of the credit union, and shall meet as often asnecessary. It shall be the board's special powers and duties:

   (1) To act upon the expulsion of members;

   (2) To approve or ratify the rate of interest which shall beallowed on deposits;

   (3) To fill vacancies in the board of directors, thesupervisory committee, and in the credit committee of the credit union untilthe election and qualification of officers and directors to fill thosevacancies is completed;

   (4) To make recommendations to members relative to themaximum number of shares that may be held by any one member, amendments to theby-laws, and any other matters which, in their opinion, the members shoulddecide;

   (5) To borrow, on behalf of the credit union, and to pledgeas security the bonds, notes, mortgages, or other securities of the creditunion; provided, however, that this borrowing shall not exceed fifty percent(50%) of the assets of the credit union, unless the director or the director'sdesignee shall give his or her written approval;

   (6) To declare dividends as provided in this chapter.