Florida Statutes 657.028 – Activities of directors, officers, committee members, employees, and agents
Current as of: 2023 | Check for updates
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(1) An individual may not disburse funds of the credit union for any extension of credit approved by her or him.
(2) An elected officer, director, or committee member, other than the chief executive officer, may not be compensated for her or his service as such.
(3) Except with the prior approval of the office, a person may not serve as an officer, director, or committee member of a credit union if she or he:
(a) Has been convicted of a felony or of an offense involving dishonesty, a breach of trust, a violation of this chapter, or fraud;
Terms Used In Florida Statutes 657.028
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Credit union: means any cooperative society organized pursuant to this chapter. See Florida Statutes 657.002
- Fraud: Intentional deception resulting in injury to another.
- Immediate family: means parents, children, spouse, or surviving spouse of the member, or any other relative by blood, marriage, or adoption. See Florida Statutes 657.002
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
(b) Has been adjudicated bankrupt within the previous 7 years;
(c) Has been removed by any regulatory agency as a director, officer, committee member, or employee of a financial institution;
(d) Has performed acts of fraud or dishonesty, or has failed to perform duties, resulting in a loss that was subject to a paid claim under a fidelity bond;
(e) Has been found guilty of a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law; or
(f) Has defaulted on a debt or obligation to a financial institution which resulted in a material loss to the financial institution.
(4) A person may not serve as a director of a credit union if she or he is an employee of the credit union, other than the chief executive officer of the credit union.
(5) A director, officer, committee member, agent, or employee of the credit union may not in any manner, directly or indirectly, participate in the deliberation upon or the determination of any question affecting her or his pecuniary interest or the pecuniary interest of any corporation, partnership, or association, other than the credit union, in which she or he or a member of her or his immediate family is directly or indirectly interested.