1844

LAWS OF MARYLAND

[Ch. 311

The provisions of present §144, as they relate
to officers and committee members, are
included, respectively, in §§6—317 and 6—318.

6-316. DUTIES OF BOARD OF DIRECTORS.

(A) GENERAL DUTIES.

THE BOARD OF DIRECTORS OF A CREDIT UNION SHALL
MANAGE ITS AFFAIRS, FUNDS, AND RECORDS.

(D) SPECIFIC DUTIES.

THE BOARD OF DIRECTORS SHALL:

(1)   MEET AS OFTEN AS NECESSARY;

(2)   ACT ON EACH APPLICATION FOR MEMBERSHIP
AND EXPULSION OF MEMBERS;

(3)     SET THE AMOUNT OF THE SURETY BOND
REQUIRED FOR EACH OFFICER WHO HAS CUSTODY OF CREDIT UNION
FUNDS;

(4)   DETERMINE THE MAXIMUM NUMBER OF SHARES
WHICH MAY BE HELD BY A MEMBER;

(5)   DETERMINE THE MAXIMUM AMOUNT WHICH MAY BE
LOANED TO A MEMBER, AND THE INTEREST RATE ON THE LOAN;

(6)   DECLARE DIVIDENDS;

(7)   RECOMMEND AMENDMENTS TO THE BYLAWS;

(8)    FILL VACANCIES ON THE BOARD OF DIRECTORS
UNTIL THE ELECTION AND QUALIFICATION OF SUCCESSORS;

(9)   FILL VACANCIES ON THE CREDIT COMMITTEE
AND SUPERVISORY COMMITTEE UNTIL THE APPOINTMENT AND
QUALIFICATION OF SUCCESSORS;

(10)   HAVE CHARGE OF INVESTMENT OF CREDIT
UNION FUNDS OTHER THAN LOANS TO MEMBERS;

(11)    AUTHORIZE AND DETERMINE THE AMOUNT OF
COMPENSATION FOR THE TREASURER; AND

(12)    PERFORM EVERY OTHER DUTY WHICH THE
MEMBERS AUTHORIZE.

REVISOR'S NOTE: This section presently appears as
the fifth through the ninth sentences of Art.
11, §145(a).