Chap. 259.—An ACT to amend and re-enact Section 9 of an act entitled, “An
act to provide for the incorporation, establishment and operation of loan

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and savings institutions known as ‘credit unions’”, approved March 27
1922, relating to directors and officers. [H B 435]

Approved March 26, 1938

1. Be it enacted by the General Assembly of Virginia, That sec:
tion nine of an act entitled “an act to provide for the incorporation
establishment and operation of loan and savings institutions knowr
as ‘credit unions’”, approved March twenty-seventh, nineteen hundrec
and twenty-two, be amended and re-enacted so as to read as follows:

Section 9. Directors and officers; compensation.—At their firs
meeting in the fiscal year, the board of directors shall elect from thet:
number a president, vice-president, a secretary and a treasurer. Th
offices of secretary and treasurer may, if the by-laws so provide, b
held by one person; and other officers may be elected in the discretiot
of the directors. The board of directors shall have the general man
agement of the affairs, funds and records of the corporation, an
shall meet as often as may be necessary. Unless the by-laws shal
specifically reserve all or any of these duties to the members it shall
be the special duty of the directors: (a) To act upon all applications
for membership and the expulsion of members; (b) to fix the amount
of the surety bond which shall be required of each officer having the
custody of funds, the surety on said bond to be some solvent surety
company licensed to do business in Virginia and the amount thereof
to be approved by the chief bank examiner; (c) to determine from
time to time the rate of interest which shall be allowed on deposits
and charged on loans; (d) to fix the maximum number of shares
which may be held by and the maximum amount which may be lent to
any one member; to declare dividends; and to recommend amendments
to the by-laws; (e) to fill vacancies in the board of directors or in
the credit committee until the election and qualification of successors ;
(f£) to have charge of the investment of the funds of the corporation,
and to perform such other duties as the members may from time to
time authorize.

No member of the board of directors shall recerve any compensa-
tion for his services as a member of such board. The members of
the credit or supervisory committee of any corporation established here-
under having assets in excess of fifty thousand dollars may receive for
their services, as such members, such compensation as the board of
directors may determine.