Section 370.200

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 1988, 2 histories, see footnote   (history) 

  370.200.  Duties of board. — The board of directors shall have the general management of the affairs, funds and records of the corporation, and unless they shall be specifically reserved to the members, it shall be the special duty of the directors:

  (1)  To act upon all applications for membership and on the exclusion of members or the board may delegate to a membership officer the approval of membership applications, and a record of such officer's approval or denial of membership shall be available to the board of directors for inspection, and a person denied membership by such officer may appeal such denial to the board;

  (2) To determine, from time to time, rates of interest which shall be charged on loans;

  (3) To fix the amount of the surety bond which shall be required of each officer having the custody of funds;

  (4)  To fix the maximum number of shares which may be held by and the maximum amount, both secured and unsecured, which may be loaned to any one member, such limitations to apply alike to all members;

  (5)  To declare dividends;

  (6)  To accept and act upon resignations and determine and fill vacancies on the board of directors, credit committee, and, if the bylaws so provide, the supervisory committee until the election or appointment of qualified successors;

  (7)  To have charge of the investment of funds of the credit union, other than loans to members, and to perform such other duties as the members may, from time to time, authorize;

  (8)  To amend the bylaws except for those provisions in other sections of this chapter specifically reserved for membership action.

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(RSMo 1939 § 5529, A.L. 1969 H.B. 117, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962, A.L. 1988 H.B. 1097)

Prior revision: 1929 § 5087