2
CAP. 119]
Credit Unions.
(1968 Ed.
Section.
Page.
28. Election and tenure of office of board of directors and committees
12
29. Meetings of board and committees, and appointment of officers and procedure
13
30. Officers of a credit union
14
31. Composition of the committees
14
32. Remuneration
14
PART V.
MANAGEMENT.
Powers and duties of board.
33. Powers and duties of the board
14
Powers and duties of supervisory committee.
34. Powers and duties of supervisory committee
15
Powers and duties of credit committee.
35. Powers and duties of credit committee
15
36. Approval of loans
15
37. Acceptable security for loans
15
38. Loan officers
16
PART VI
LOANS, BORROWING, RESERVE FUND AND DIVIDENDS.
Loans to members.
39. Purposes of loans
16
40. Restrictions on loans
16
41. Rates of interest
16
42. Unanimous vote required for loans to directors or committee members
17
43.
44. Borrowing powers.
Borrowing powers
17
Power to mortgage, etc., as security for borrowed money
17
45. Reserve fund
Reserve fund.
18
Dividends.
46. Declaration, limit and payment of dividend
18
PART VII.
BY-LAWS.
47. By-laws
19
48. Amendment of by-laws
19
49. Binding effect of the by-laws
19