12 USC 1761 – Management
(a) Board of directors, credit committee, and supervisory committee; election to board
The management of a Federal credit union shall be by a board of directors, a supervisory committee, and where the bylaws so provide, a credit committee. The board shall consist of an odd number of directors, at least five in number, to be elected annually by and from the members as the bylaws provide. Any vacancy occurring on the board shall be filled until the next annual election by appointment by the remainder of the directors.
(b) Membership on supervisory committee; names and addresses of officers and committee members
Terms Used In 12 USC 1761
- Administration: means the National Credit Union Administration. See 12 USC 1752
- Board: means the National Credit Union Administration Board. See 12 USC 1752
- Federal credit union: means a cooperative association organized in accordance with the provisions of this chapter for the purpose of promoting thrift among its members and creating a source of credit for provident or productive purposes. See 12 USC 1752
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
The supervisory committee shall be appointed by the board of directors and shall consist of not less than three members nor more than five members, one of whom may be a director other than the compensated officer of the board. A record of the names and addresses of the executive officers, members of the supervisory committee, credit committee, and loan officers, shall be filed with the Administration within ten days after their election or appointment.
(c) Compensation
No member of the board or of any other committee shall, as such, be compensated, except that reasonable health, accident, similar insurance protection, and the reimbursement of reasonable expenses incurred in the execution of the duties of the position shall not be considered compensation.