Within five days following the organization meeting and each annual meeting the directors shall elect from their own number a chairperson of the board, a vice chairperson, a secretary, and a chief financial officer whose title shall be designated by the board of directors. The board shall appoint a credit committee of not less than three members, and an auditing committee of not less than three members, and may also appoint alternate members of the credit committee. Only a member of the board of directors or a member of the credit union may be appointed to the credit committee or to the auditing committee. The board may appoint an executive committee to act on its behalf when designated for that purpose. The directors have general management of the affairs of the credit union including, but not limited to, the power to fix the amount of the surety bond which shall be required of all officers and employees handling money.
[C27, 31, 35, § 9305-a9; C39, § 9305.09; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 533.9]
87 Acts, ch 171, §23, 24; 88 Acts, ch 1103, §2
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