26-2116. BOARD OF DIRECTORS — POWERS AND DUTIES. (1) The business and affairs of a credit union shall be managed by the board of directors of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (2) of this section may not be delegated by the credit union’s board of directors. The duties listed in subsection (3) of this section may be delegated to a committee, officer or employee, with appropriate reporting to the board.
(2) The board shall:
(a) Retain the chief executive officer, or equivalent officer as specified in the bylaws, and set the chief executive officer’s compensation;
(b) Set the minimum amount of funds in a share account, if any, required for membership;
(c) Establish policies governing the operation of the credit union;
(d) Establish the conditions under which a member may be expelled for cause;
(e) Approve an annual operating budget for the credit union;
(f) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union;
(g) Review the supervisory committee’s annual report; and
(h) Authorize the conveyance of real property and buildings.
(3) In addition, unless delegated, the board shall:
(a) Determine the maximum amount of shares and deposits that a member may hold in the credit union;
(b) Set the rate of interest on deposits, including nonmember deposits, and the rate of dividends on shares and authorize the payment of dividends on shares;
(c) Approve the charge-off of credit union losses;
(d) Determine the investment of surplus funds of the credit union in investments permitted by this chapter;
(e) Fill vacancies on all committees; and
(f) Authorize the credit union to borrow or lend money as needed to carry on the functions of the credit union.
History:
[26-2116, added 2018, ch. 165, sec. 12, p. 333.]
Structure Idaho Code
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.
Section 26-2104 - DEFINITION AND USE OF TERMS.
Section 26-2105 - ORGANIZATION.
Section 26-2107 - RESTRICTIONS.
Section 26-2109 - POWER TO ACQUIRE AND HOLD REAL PROPERTY.
Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.
Section 26-2112 - FISCAL YEAR.
Section 26-2113 - MEMBER VOTING.
Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.
Section 26-2113B - SPECIAL MEMBERSHIP MEETINGS.
Section 26-2114 - BOARD OF DIRECTORS — ELECTION OF DIRECTORS — TERMS — VACANCIES — MEETINGS — RULES.
Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.
Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.
Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.
Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.
Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.
Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.
Section 26-2120A - LIMIT ON LOAN MATURITY.
Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.
Section 26-2121A - SUPERVISORY COMMITTEE DUTIES.
Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.
Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.
Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.
Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.
Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.
Section 26-2124 - JOINT ACCOUNTS.
Section 26-2126 - TRUST ACCOUNTS.
Section 26-2127 - INVESTMENT OF FUNDS.
Section 26-2128 - LIQUIDITY REQUIREMENTS.
Section 26-2129 - RESERVE REQUIREMENTS.
Section 26-2131 - SHARE REDUCTION.
Section 26-2133 - REPORTS — FINANCIAL AND STATISTICAL DATA.
Section 26-2134 - APPLICATION FEES.
Section 26-2135 - BOOKS AND RECORDS.
Section 26-2136A - EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS.
Section 26-2136C - DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.
Section 26-2137 - FALSE REPORTS.
Section 26-2140 - CEASE AND DESIST ORDER — PENALTY.
Section 26-2140A - CONSERVATORSHIP.
Section 26-2141A - RECEIVER — DUTIES — POWERS.
Section 26-2142 - VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.
Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.
Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.
Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.
Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.
Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.
Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.
Section 26-2149 - PROHIBITED ACTIVITIES.
Section 26-2150 - CUSTOMER-CREDIT UNION COMMUNICATION TERMINAL.
Section 26-2151 - CUSTODIAL ACCOUNTS.
Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.
Section 26-2153 - SHARE AND DEPOSIT INSURANCE.
Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.
Section 26-2155 - DESIGNATION OF DEPOSITORY — REPORTING OF RESERVES AND UNDIVIDED EARNINGS.
Section 26-2156 - BOND COVERAGE.
Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.
Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.
Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.
Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.
Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.
Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.
Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.
Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.
Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.
Section 26-2182 - SHARES AND DEPOSITS.
Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.
Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.
Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.