{"data":{"id":"us-dc/d.c.-code-26-505.01","jurisdiction":"us-dc","citation":"D.C. Code § 26-505.01","heading":"Authority and duty of a board of directors.","body":"(a)\nThe business and affairs of a District credit union shall be managed by the board of directors of the District credit union. The duties of the board of directors of a District credit union include the following duties:\n(1)\nThe board of directors shall:\n(A)\nSet the par value of shares, if any, of the District credit union;\n(B)\nSet the minimum number of shares, if any, required for membership;\n(C)\nDesignate those persons or positions authorized to execute or certify documents or records on behalf of the District credit union;\n(D)\nAuthorize the purchase of adequate fidelity and insurance coverage for officers, directors, committee members, and employees, and for losses caused by persons outside the District credit union for which the District credit union may be liable;\n(E)\nAuthorize the employment and compensation of the chief executive officer;\n(F)\nApprove an annual operating budget for the District credit union;\n(G)\nAuthorize the conveyance or lease of real property;\n(H)\nReview and approve the annual audit;\n(I)\nAppoint any committees the board considers necessary;\n(J)\nEstablish conditions under which a member may be removed for cause, as defined in § 26-504.07; and\n(K)\nPerform any other duties, or authorize any other actions, that are not inconsistent with this subchapter or the District credit union's bylaws.\n(2)\nThe board of directors shall:\n(A)\nEstablish policies under which the District credit union may borrow, lend, and invest money to carry on the functions of the District credit union;\n(B)\nAct upon applications for membership in the District credit union;\n(C)\nEstablish the loan policies under which loans may be approved;\n(D)\nDetermine the amount that may be loaned to a member together with the terms and conditions of the loan;\n(E)\nDeclare dividends on shares and set the rate of interest on deposits; and\n(F)\nApprove the charge-off of District credit union losses.\n\n(b)\nThe duties listed in subsection (a)(1) of this section shall not be delegated by the District credit union's board of directors. The duties listed subsection (a)(2) of this section may be delegated to a committee, officer, or employee of the District credit union with appropriate reporting to the board.","path":["Title 26. Banks and Other Financial Institutions.","Chapter 5. Credit Unions.","Subchapter I. Credit Union Act of 2020.","Part E. Credit Union Governance."],"source_url":"https://code.dccouncil.gov/us/dc/council/code/sections/26-505.01","current_through":"2026-08-20 (D.C. Law 26-175)","vintage":"","retrieved_at":"2026-08-29T05:44:07Z","sha256":"8c0c1fd71aaaa652d670492f1c81879298bafec132048c958178e1f245ab2a9c","source_id":"us-dc","stale":false,"prev":"us-dc/d.c.-code-26-504.10","next":"us-dc/d.c.-code-26-505.02"},"notice":"GroundRules: Original legal text. Not legal advice."}