{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-2010","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-2010","heading":"Board of directors - Credit committee or credit manager -","body":"Supervisory committee - Officers.\n\nA. 1. The business affairs of a credit union shall be managed\n\nby a board of not less than seven (7) members, elected by the\n\nmembers of the credit union, from their number, at their annual\n\nmeeting, the organizational meeting being the first annual meeting,\n\nand to hold office for such terms as the bylaws may provide.\n\n2. The bylaws of a credit union shall not prevent or restrict a\n\nmember from serving as a director, unless such member has been, or\n\nis later, convicted of a crime involving dishonesty or breach of\n\ntrust.\n\n3. A record of names and addresses of the board of directors\n\nand the respective committees and officers shall be filed with the\n\nBank Commissioner within ten (10) days after their election. No\n\nmember of the board of directors shall, as such, be compensated, but\n\nthe officers elected by the board of directors and the members of\n\nthe credit and supervisory committees may receive such compensation\n\nfor services performed as the board shall, by resolution, authorize.\n\n4. The board of directors shall meet at least once a month,\n\nunless permitted by the Bank Commissioner to meet less often, and\n\nshall have the general direction and control of the affairs of the\n\ncorporation. The minutes of all such meetings shall be kept. Among\n\nother things they shall act upon applications for membership.\n\n5. The board shall also:\n\na. declare dividends and determine rates of interest on\n\ndeposits,\n\nb. fill vacancies in the board and in the credit\n\ncommittee until successors elected at the next annual\n\nmeeting have qualified,\n\nc. authorize investment of credit union funds other than\n\nloans to members,\n\nd. determine from time to time the maximum number of\n\nshares and deposits that will be accepted from a\n\nmember in any calendar month not inconsistent with the\n\nbylaws, and\n\ne. subject to limitations of this act, determine the\n\ninterest rates on loans and the maximum amount that\n\nmay be loaned with and without security to any member,\n\nand determine the rate of interest refund, if any, to\n\nbe made to members.\n\nA majority of the board may, however, agree to exclude\n\nloans made at rates of interest lower than the basic rate\n\nof the credit union and may also exclude loans where\n\npayments are in arrears from participation in such\n\ninterest rebates. All other loans shall participate at\n\nthe same rate of rebate.\n\n6. The State Credit Union Board may, by approval of\n\nimplementing amendments to the bylaws of a credit union, authorize\n\nthe delegation of specific powers by the board of directors of the\n\ncredit union to an executive committee of the board of designated\n\nofficers of the credit union. However, the delegation of any power\n\nby the board of directors, as authorized, shall not relieve the\n\nboard of any existing duty or obligation for the proper exercise of\n\nthe delegated power.\n\nB. 1. At their first meeting, after the annual meeting of the\n\nmembers, the directors shall elect from their number an executive\n\nofficer, who may be designated as chairman of the board or\n\npresident, a vice-chairman of the board or a vice-president, a\n\nsecretary, and a treasurer, who shall be the executive officers of\n\nthe corporation. The secretary and the treasurer may be the same\n\nperson. The duties of the officers shall be determined by the\n\nbylaws.\n\n2. The board of directors may employ an officer in charge of\n\noperations, whose title shall be either president and/or general\n\nmanager or, in lieu thereof, the board of directors may designate\n\nthe treasurer or an assistant treasurer, to act as general manager\n\nand be in active charge of the affairs of the credit union. Each\n\nactive officer and employee of a credit union shall, before entering\n\nupon their duties, make and give a bond to the credit union,\n\nexecuted by a surety company, in an amount fixed by the State Credit\n\nUnion Board, for the protection of the credit union against the\nthe treasurer or an assistant treasurer, to act as general manager\n\nand be in active charge of the affairs of the credit union. Each\n\nactive officer and employee of a credit union shall, before entering\n\nupon their duties, make and give a bond to the credit union,\n\nexecuted by a surety company, in an amount fixed by the State Credit\n\nUnion Board, for the protection of the credit union against the\n\nfraud or dishonesty of each active officer or employee of the credit\n\nunion. When the bond has been executed it shall be filed with the\n\nBank Commissioner.\n\n3. The board of directors may appoint a membership officer and\n\ndelegate to the officer the power to approve or disapprove all\n\nmembership applications. The membership officer may not be the\n\ntreasurer or assistant treasurer. Once appointed, the membership\n\nofficer shall submit to the board of directors a list of approved or\n\npending applications for membership at each regular meeting of the\n\nboard of directors.\n\nC. 1. A credit committee of not less than three members shall\n\nbe either elected by the members or appointed by the board of\n\ndirectors, from the membership of the credit union, at the annual\n\nmeeting of the members, or at the first meeting of the board of\n\ndirectors after the annual meeting of the members, as the bylaws may\n\nprovide. Members of the credit committee shall hold office for such\n\nterms as specified in the bylaws. In lieu of a credit committee, a\n\ncredit manager may be appointed by the board of directors, if the\n\nbylaws so provide. The credit manager shall be an officer of the\n\ncredit union.\n\n2. A credit committee, or if the bylaws so provide, a credit\n\nmanager, shall have the general supervision of all loans to members.\n\nIt shall be the duty of the credit committee, or if applicable, the\n\ncredit manager, to provide for the review of all applications for\n\nloans, to ascertain whether or not such loan would benefit the\n\napplicant, and to determine whether or not the security offered, in\n\nthe judgment of the credit committee or the credit manager, is\n\nsufficient and the terms proper. If the loans of the credit union\n\nare supervised by a credit committee, the credit committee shall\n\nmeet as often as may be required after due notice has been given to\n\neach member thereof, but not less than once a month, and shall keep\n\na record of all meetings.\n\n3. The credit committee, or the credit manager, shall make a\n\nreport to the members at the annual meeting.\n\n4. To facilitate the work of the credit committee or the credit\n\nmanager, the credit committee or the credit manager, whichever is\n\napplicable, may appoint one or more loan officers and assistants, as\n\nmay be necessary. Loan officers shall act under the direction of\n\nthe credit committee or the credit manager and may approve or\n\ndisapprove loans, but only within written rules and regulations\n\nestablished by the credit committee or the credit manager. A record\n\nof loans approved by each loan officer shall be made available upon\n\nrequest to the credit committee or the credit manager.\n\nD. 1. The supervisory committee shall be appointed by the\n\nboard of directors unless otherwise provided in the bylaws. One\n\ndirector may be appointed or elected to the supervisory committee,\n\nbut not the treasurer.\n\n2. The supervisory committee shall make a semiannual\n\nexamination of the affairs of the credit union, including an audit\n\nof its books; and shall make an annual audit and a report to be\n\nsubmitted at the annual meeting of the corporation. However, if the\n\nsupervisory committee, with the approval of the board of directors,\n\nemploys an auditor approved by the State Credit Union Board, a\n\nlicensed public accountant or a certified public accountant to\n\nperform an annual audit of the affairs and books of the credit\n\nunion, such annual audit by the outside auditor shall constitute\no be\n\nsubmitted at the annual meeting of the corporation. However, if the\n\nsupervisory committee, with the approval of the board of directors,\n\nemploys an auditor approved by the State Credit Union Board, a\n\nlicensed public accountant or a certified public accountant to\n\nperform an annual audit of the affairs and books of the credit\n\nunion, such annual audit by the outside auditor shall constitute\n\nfull compliance with this subsection.\n\n3. The supervisory committee shall make a report of any audit\n\nit causes to be conducted of the credit union at the annual meeting\n\nof the credit union.\n\n4. By a unanimous vote, the supervisory committee may suspend\n\nany officer of the corporation, including the credit manager, or any\n\nmember of the credit committee or of the board of directors until\n\nthe next members' meeting, which meeting, however, shall be held\n\nwithin fourteen (14) days of the suspension and at which meeting the\n\nsuspension shall be acted upon by the members; and, by a majority\n\nvote, may call a special meeting of the shareholders to consider any\n\nviolation of this law, the charter, or of the bylaws, or any\n\npractice of the corporation deemed by the committee to be unsafe or\n\nunauthorized. The board of directors shall fill vacancies on the\n\nsupervisory committee.\n\n5. The supervisory committee shall in such manner as it deems\n\nadvisable cause the accounts of the members to be verified with the\n\nrecords of the treasurer from time to time and not less frequently\n\nthan once every two (2) years.\n\n6. The supervisory committee shall meet as often as necessary\n\nto conduct the business of the supervisory committee and at such\n\nother times as the Commissioner may prescribe. Minutes of all such\n\nmeetings shall be kept.\n\n7. No member of the supervisory committee may be excluded from\n\nattending the meetings of the board of directors of the credit\n\nunion.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"55c628e00a9fbbc6e651436820e39629c18d628ff2811f1e54dff986a2002187","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-201.1","next":"us-ok/okla.-stat.-tit.-6-6-2012"},"notice":"GroundRules: Original legal text. Not legal advice."}