Idaho Code 26-2121B – Suspension of Members of the Board by Supervisory Committee — for Cause
Current as of: 2023 | Check for updates
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(1) The supervisory committee may, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of section 26-2113B, Idaho Code. The members participating in that meeting shall vote whether to remove the suspended person or persons.
(2) For purposes of this section, "cause" means demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, create a material risk to the credit union.
Terms Used In Idaho Code 26-2121B
- Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104
- Fiduciary: A trustee, executor, or administrator.
- person: includes a corporation as well as a natural person;
Idaho Code 73-114