A. A credit union shall be directed by a board of directors, consisting of an odd number of members, as provided in the bylaws, but not less than five in number, to be elected annually by and from the members. The election shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide.
B. A supervisory committee shall consist of an odd number of members, as provided in the bylaws, but not less than three or more than seven in number. The bylaws shall specify the length of the terms of the committee members and whether membership of the supervisory committee shall be by annual election or appointment by the board of directors.
C. The board of directors may delegate any or all of its authority to extend credit, including the determination of interest rates, to one or more committees or an executive officer, provided such person is not a member of the board. A committee may consist of one or more members.
History: Laws 1987, ch. 311, § 27; 1997, ch. 195, § 19; 2003, ch. 28, § 6.
ANNOTATIONSRepeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-27 NMSA 1978, as amended by Laws 1977, ch. 245, § 114, relating to change in price of business, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 2003 amendment, effective June 20, 2003, rewrote Subsection B to such an extent that a detailed comparison is impacticable.
The 1997 amendment, effective July 1, 1997, rewrote Subsections B and C.