Unless the bylaws expressly reserve any or all of the following duties to the members, the directors have all of the following special duties:
(a) To act upon all applications for membership. The directors may delegate the power to approve applications for new membership to: (1) the chairperson of a membership committee or to an executive committee; or (2) any officer, director, committee member, or employee, pursuant to a written membership plan adopted by the board of directors.
(b) To expel members for any of the following causes:
(1) Conviction of a criminal offense involving moral turpitude.
(2) Failure to carry out contracts, agreements, or obligations with the credit union.
(3) Refusal to comply with the provisions of this division or of the bylaws.
Any members who are expelled by the board of directors have the right to appeal therefrom to the members, in which event, after hearing, the order of suspension may be revoked by a two-thirds vote of the members present at a special meeting to consider the matter.
(c) To determine from time to time the interest rate on obligations with members and to authorize the payment of interest refunds to borrowing members.
(d) To fix the maximum number of shares which may be held by, and, in accordance with Section 15100, establish the maximum amount of obligations which may be entered into with, any one member.
(e) To declare dividends on shares in accordance with the credit union’s policies and to determine the interest rate or rates which will be paid on certificates for funds.
(f) To amend the bylaws, except where membership approval is required.
(g) To fill vacancies in the credit committee, and to temporarily fill vacancies caused by the suspension of any or all members of the credit committee, pending a meeting of the members to determine whether to affirm the suspension and vacate the office, or to reinstate the member or members.
(h) To direct the deposit or investment of funds, except loans to members.
(i) To designate alternate members of the credit committee who shall serve in the absence or inability of the regular members to perform their duties.
(j) To perform or authorize any action not inconsistent with law or regulation and not specifically reserved by the bylaws for the members, and to perform any other duties as the bylaws may prescribe.
(Amended by Stats. 2018, Ch. 267, Sec. 2. (AB 2862) Effective January 1, 2019.)
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