Terms Used In Wisconsin Statutes 186.071

  • Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
  • Oath: includes affirmation in all cases where by law an affirmation may be substituted for an oath. See Wisconsin Statutes 990.01
  • Oath: A promise to tell the truth.
  • Person: includes all partnerships, associations and bodies politic or corporate. See Wisconsin Statutes 990.01
  • State: when applied to states of the United States, includes the District of Columbia, the commonwealth of Puerto Rico and the several territories organized by Congress. See Wisconsin Statutes 990.01
   (1)    Oath. Every director, officer, committee member and employee shall sign an oath of office. The oath shall require the director, officer, committee member and employee to do all of the following:
      (a)    Keep confidential the financial affairs of credit union members, unless state and federal laws, security requirements or sound lending practices permit disclosure.
      (b)    Keep confidential the records and accounts of the credit union and the deliberations of the board of directors unless state or federal law permits disclosure.
      (c)    Familiarize themselves with the credit union laws, bylaws, rules and policies.
      (d)    Avoid initiating or participating in any insider dealings using credit union funds or the credit union’s power or authority.
      (e)    Avoid initiating or participating in any action that may present to that person a personal conflict of interest.
   (2)   Removal for violation. If an individual refuses to sign the oath of office or knowingly and willfully violates the oath of office, the board shall remove that individual as a director, officer or committee member or shall direct that the individual be terminated as an employee.