N.Y. Banking Law § 470: Powers and duties of directors; not entitled to compensation; disqualification of directors

§ 470. Powers and duties of directors; not entitled to compensation;

disqualification of directors. 1. The board of directors of every credit

union shall have the general management of the affairs, funds and

records of the corporation. No member of the board of directors shall

receive any compensation for his services as a member of the board.

Whenever the directors shall deem any loan unsafe they may, in their

discretion, require additional security to be given by the borrower, and

if such security is not furnished as required by them, they may declare

the loan due and take action to collect the same. Complete minutes of

all meetings of directors shall be kept which shall include the names of

the directors present.

2. No person shall be eligible for election as a director of a credit

union if such person's spouse is a director or one of the five highest

paid salaried officers of the credit union, if such person or such

person's spouse is the grandparent, parent, child, grandchild, brother,

sister, uncle, nephew, or niece of a director or one of the five highest

paid salaried officers of the credit union, or if a director or one of

the five highest paid salaried officers of the credit union is the

spouse of such person's child, grandchild, brother or sister.

No director in office on July seventeenth, nineteen hundred eighty-six

shall be ineligible for the office of director by reason of the

provisions of this subdivision.