South Carolina § 34-26-645 - Duties of board.

§ 34-26-645. Duties of board.

In addition to the duties found elsewhere in this chapter, it also shall be the duty of the board of directors to:

(1) purchase adequate fidelity coverage for all employees and review such coverage annually with notations in board minutes;

(2) employ and establish the compensation of the president, chief executive officer, or manager who shall hire such other persons necessary to carry on the business of the credit union;

(3) approve an annual operating budget for the credit union;

(4) authorize the conveyance of property;

(5) borrow or lend money to carry on the functions of the credit union;

(6) appoint any special committees deemed necessary;

(7) determine the rate of interest which shall be charged on loans;

(8) declare dividends if it first determines that the credit union's financial condition warrants this;

(9) declare an interest refund to borrowers at the close of each accounting period if it first determines that the credit union's financial condition warrants this;

(10) approve amendments to the bylaws;

(11) determine the amount of entrance fees, the maximum and minimum number of shares, the par value of shares of capital stock, which may be held by, and the maximum amount which may be lent to, any one member;

(12) determine the amount of fines and service charges, if any;

(13) establish titles for all elected officers; and

(14) perform such other duties it may deem appropriate and authorize any action not inconsistent with this chapter and not specifically reserved by the bylaws for the members.

HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996; 2021 Act No. 30 (S.467), SECTION 17, eff May 6, 2021.

Effect of Amendment

2021 Act No. 30, SECTION 17, in (13), substituted "elected officers" for "elected officers and senior management positions".