Missouri Laws 370.200 – Duties of board — telephone or electronic participation at meetings
1. The board of directors shall have the general management of the affairs, funds, and records of the corporation, and unless they shall be specifically reserved to the members or delegated to the president or operating manager, it shall be the special duty of the directors:
(1) To act upon applications for membership in the credit union;
Terms Used In Missouri Laws 370.200
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- 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.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
(2) To determine, from time to time, rates of interest which shall be charged on loans;
(3) To fix the maximum number of shares which may be held by and the maximum amount, both secured and unsecured, which may be loaned to any one member, such limitations to apply alike to all members; and
(4) To have charge of the investment of funds of the credit union, other than loans to members, and to perform such other duties as the members may, from time to time, authorize.
2. Additionally, the board shall have the duty to:
(1) Authorize the employment and compensation of the chief executive officer;
(2) Approve an annual operating budget for the credit union;
(3) Declare dividends on regular shares;
(4) Accept and act upon resignations and determine and fill vacancies on the board of directors, credit committee, and, if the bylaws so provide, the supervisory committee until the election or appointment of qualified successors;
(5) Amend the bylaws except for those provisions in other sections of this chapter specifically reserved for membership action; and
(6) Consider an appeal of a person denied membership by the credit union.
3. Unless specifically prohibited by the bylaws, directors may participate in and act at any meeting of the board through the use of a telephone or other electronic means. Participation in the meeting in this manner shall constitute attendance.