Washington Code 31.12.345 – Suspension of members of a committee or members of the board by supervisory committee — For cause
Current as of: 2023 | Check for updates
|
Other versions
(1) The supervisory committee may, by unanimous vote, 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 RCW 31.12.195. The membership meeting must be held within ninety days after the suspension. The members participating in that meeting shall vote whether to remove the suspended person or persons.
Terms Used In Washington Code 31.12.345
- Board: means the board of directors of a credit union. See Washington Code 31.12.005
- Credit union: means a credit union organized and operating under this chapter. See Washington Code 31.12.005
- Fiduciary: A trustee, executor, or administrator.
- Person: means an organization or a natural person including, but not limited to, a sole proprietorship. See Washington Code 31.12.005
(2) For purposes of this section, “cause” includes demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, threaten the safety and soundness of the credit union.