§ 6-325. Directors -- Number, qualifications, tenure, and oath

   (a) Number. -- Each credit union shall have at least five directors.

(b) Qualifications. -- Each director:

   (1) Shall be a member of the credit union;

   (2) Shall be bonded;

   (3) May not have:

      (i) Defaulted on the payment of any monetary obligation to the credit union;

      (ii) Been convicted of any criminal offense involving dishonesty or breach of trust;

      (iii) Habitually neglected to pay debts;

      (iv) Become insolvent or bankrupt; or

      (v) Been removed by any state or federal regulatory agency from office as an officer, official, or employee of a financial institution; and

   (4) Shall comply with any other qualifications set forth in the credit union bylaws.

(c) Tenure. -- A director holds office for the term that the bylaws provide, which may not exceed 3 years, and until a successor is elected and qualifies.

(d) Oath of office. -- Each director shall take an oath that the director:

   (1) Will diligently and honestly perform the duties as director in administering the credit union's affairs;

   (2) Will remain responsible for the performance of the duties of the director even if the director delegates the performance of the duties; and

   (3) Will not knowingly or willfully permit the violation of an applicable law or regulation.

(e) Chairman. -- The chairman and, if any, vice chairman of the board shall be elected by and from the directors.

HISTORY: CA § 6-315; 1980, ch. 33, § 2; 1992, ch. 445; 2001, ch. 147, § 1; ch. 148, § 1.