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Current as of January 01, 2024 | Updated by FindLaw Staff
(1) The supervisory committee may, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of section 26-2113B, Idaho Code. The members participating in that meeting shall vote whether to remove the suspended person or persons.
(2) For purposes of this section, “cause” means demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, create a material risk to the credit union.
Cite this article: FindLaw.com - Idaho Statutes Title 26. Banks and Banking § 26-2121B. Suspension of members of the board by supervisory committee--For cause - last updated January 01, 2024 | https://codes.findlaw.com/id/title-26-banks-and-banking/id-st-sect-26-2121b/
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