Ohio § 1733.15

§ 1733.15.

(A) Except as otherwise provided by law, the articles, or regulations, the corporate

powers of a credit union shall be exercised, its business conducted, and its property

controlled by a board of directors, provided that the number of directors fixed by

the articles or regulations shall not be less than five. (B) All directors shall be voting members of the credit union. (C) The articles or regulations may divide directors into two or more classes whose terms

of office shall expire at different times and may fix the term of office of the directors

or of any class of directors at not more than three years from the date of their election. (D) For their own government, the directors may adopt or amend bylaws or adopt amended

bylaws not inconsistent with the articles or regulations. (E) In discharging official duties, a director may, when acting with reasonable care

and in good faith, rely upon the books and records of the credit union, upon reports

made to the credit union by an officer or employee or by any other person selected

for the purpose with reasonable care by the credit union, and upon financial statements

or written reports prepared by an officer or employee of the credit union in charge

of its accounts or certified by a public accountant or firm of public accountants. (F) A credit union shall not elect or appoint a person to its board of directors who

is presently serving as a director of another credit union, unless either of the following

conditions has been met: (1) If the person presently serves on the board of directors of a credit union having

assets of less than five million dollars, the credit union, prior to retaining the

person's services, notifies the superintendent of credit unions in writing of the

person's candidacy or appointment as a director. (2) If the person presently serves on the board of directors of a credit union having

assets of five million dollars or more, the superintendent has approved the person's

candidacy or appointment. (G) If the number of candidates for the board of directors does not exceed the number

of director positions being elected, those candidates shall be deemed elected and

shall serve as set forth in the articles or regulations.