A. At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws.
B. The terms of the board officers shall be one year or until their successors are chosen and have been duly qualified.
C. The duties of the board officers shall be prescribed in the bylaws.
D. The board of directors shall employ, elect or appoint an executive officer of the credit union who shall be responsible for credit union operations. The executive officer may be a member of the board of directors if not receiving paid compensation as executive officer, but may not be an officer of the board of directors. The executive officer will serve at the pleasure of the board of directors.
E. The board of directors may provide for other executive officers and prescribe their duties and authority in the bylaws.
F. Notwithstanding any other provisions of the Credit Union Act, a credit union may use any titles it chooses for the officials holding the positions described in this section, provided those titles are not misleading.
History: Laws 1987, ch. 311, § 32; 1991, ch. 51, § 9; 1997, ch. 195, § 23.
Repeals and reenactments. — Laws 1987, Chapter 311 repealed former 58-11-32 NMSA 1978, as amended by Laws 1985, ch. 20, § 1, relating to insurance of share and deposit balances, effective June 19, 1987, and enacted a new 58-11-32 NMSA 1978.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment, effective July 1, 1997, made a minor stylistic change in Subsection A, rewrote Subsection D, and substituted "Credit Union Act" for "Credit Union Regulatory Act" in Subsection F.
The 1991 amendment, effective July 1, 1991, inserted "board" in Subsections A through C, added Subsection E, redesignated former Subsection E as Subsection F, and made minor stylistic changes.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Section 58-11-1 - Short title.
Section 58-11-2 - Definitions.
Section 58-11-3 - Supervision and regulation.
Section 58-11-4 - Appeal rights and court review.
Section 58-11-5 - Examinations; supervision fees.
Section 58-11-8 - Records of the division.
Section 58-11-9 - Conflicts of interest.
Section 58-11-10 - Formation of credit union.
Section 58-11-11 - Forms of articles and bylaws.
Section 58-11-12 - Amendments.
Section 58-11-13 - Use of name exclusive.
Section 58-11-14 - Service facilities.
Section 58-11-15 - Fiscal year.
Section 58-11-17 - Doing business outside this state.
Section 58-11-18 - Powers of credit unions.
Section 58-11-19 - Incidental powers.
Section 58-11-20 - Advantageous federal powers.
Section 58-11-21 - Membership.
Section 58-11-22 - Central credit unions.
Section 58-11-23 - Other credit unions.
Section 58-11-24 - Member eligibility.
Section 58-11-25 - Liability of members.
Section 58-11-26 - Meetings of members.
Section 58-11-27 - Direction of affairs.
Section 58-11-28 - Record of officials.
Section 58-11-30 - Compensation of officials.
Section 58-11-31 - Conflicts of interest.
Section 58-11-32.2 - Repealed.
Section 58-11-33 - Authority and responsibility of board members.
Section 58-11-35 - Meetings of board members.
Section 58-11-36 - Duties of board members.
Section 58-11-38 - Supervisory committee.
Section 58-11-39 - Members' accounts.
Section 58-11-40 - Dividends and interest.
Section 58-11-41 - Withdrawals.
Section 58-11-42 - Accounts of minors.
Section 58-11-43 - Joint accounts.
Section 58-11-44 - Trust accounts.
Section 58-11-45 - Payable-on-death accounts.
Section 58-11-47 - Dormant accounts.
Section 58-11-48 - Share and deposit insurance.
Section 58-11-49 - Loan policies.
Section 58-11-50 - Insurance for members.
Section 58-11-51 - Liability and fidelity insurance for officials and employees.
Section 58-11-52 - Group purchasing.
Section 58-11-53 - Money-type instruments.
Section 58-11-54 - Retirement accounts.
Section 58-11-55 - Trust authority.
Section 58-11-56 - Investments.
Section 58-11-57.1 - Capitalization and reserves.
Section 58-11-58 - Dissolution.
Section 58-11-59 - Merger of credit unions.
Section 58-11-60 - Conversion.
Section 58-11-62 - Criminal liability.