(a) The executive committee, if one is appointed by the governing body, shall consist of an odd number of no fewer than three directors of the credit union.

(b) The executive committee shall meet in accordance with section 31304 of this title and as often as necessary, and shall act for the governing body between meetings of the governing body in all other matters except for approval of policies and amendments to the organizational documents or bylaws, subject to such conditions and limitations as prescribed by the governing body.

(c) The executive committee shall keep complete minutes of all of its actions, copies of which shall be submitted to the governing body at its next meeting. (Added 2005, No. 16, § 1, eff. July 1, 2005.)