{"data":{"id":"us-ky/krs-286.6-225","jurisdiction":"us-ky","citation":"KRS 286.6-225","heading":"Specific duties of board.","body":"It shall be the duty of the board of directors to:\n(1) Act upon applications for membership or to appoint one (1) or more membership\nofficers to approve applications for membership under such conditions as the board\nprescribes. A record of the actions take n by a membership officer on applications\nshall be available to the board of directors for inspection. A person denied\nmembership by a membership officer may appeal the denial to the board;\n(2) Purchase a blanket fidelity bond, in accordance with any rules and regulations of the\ncommissioner, to protect the credit union against losses caused by occurrences\ncovered therein such as fraud, dishonesty, forgery, embezzlement, misappropriation,\nmisapplication, or unfaithful performance of duty by a director, offi cer, employee,\nmember of a committee, attorney-at-law or other agent;\n(3) Determine from time to time the interest rate or rates, consistent with this subtitle,\nwhich shall be charged on loans and to authorize any interest refunds on such\nclasses of loans and under such conditions as the board prescribes;\n(4) Establish the policies of the credit union with respect to the granting of loans and\nthe extending of lines of credit, including the maximum amount which may be\nloaned to any one (1) member;\n(5) Establish different types or classes of shares;\n(6) Declare dividends on shares and share certificates in the manner and form as\nprovided in the bylaws; and determine the interest rate or rates which will be paid\non deposits and deposit certificates;\n(7) If deemed desirable, limit the number of shares and the amount of share certificates,\ndeposits and deposit certificates which may be owned by a member. Any such\nlimitation shall apply alike to all members;\n(8) Have charge of the investment of funds, except that t he board may designate an\ninvestment committee or any qualified individual to have charge of making\ninvestments under conditions established by the board;\n(9) Authorize the employment of such persons necessary to carry on the business of the\ncredit union, including the credit manager, loan officers and auditing assistants\nrequested by the supervisory committee, and fix the compensation, if any, of the\npresident;\n(10) Approve an annual operating budget for the credit union, which shall include\nprovision for the compensation of employees;\n(11) Authorize the conveyance of property;\n(12) Authorize contributions to civic, charitable or service organizations, subject to\nregulations of the commissioner;\n(13) Borrow or lend money to carry on the functions of the credit union;\n(14) Designate a depository or depositories for the funds of the credit union;\n(15) Suspend any or all members of the credit or supervisory committee for failure to\nperform their duties;\n(16) Appoint any special committees deemed necessary; and\n(17) Perform such other duties as the members from time to time direct, and perform or\nauthorize any action not inconsistent with this subtitle and not specifically reserved\nby the bylaws for the members.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=14780","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:57:13Z","sha256":"14bf6eaa43b8aa2c496c9eb16b652e051619e7a0e5dd3e82aaa0b74e03cb7fd3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-286.6-215","next":"us-ky/krs-286.6-235"},"notice":"GroundRules: Original legal text. Not legal advice."}