(1) Each credit union that is a member of a corporate credit union may designate one
person to be its voting representative in the corporate credit union. The person must be designated by the board of directors of the member credit union.
The voting representative is eligible to hold office in the corporate credit union
as if the person were a member of the corporate credit union.
(2)(a) A director, committee member, officer, agent, or employee may not in any manner
participate in the deliberation or determination of any question affecting that person's
personal pecuniary interest.
(b) A director, officer, agent, or employee may not in any manner participate in the
determination of any matter material in amount, as defined by rule by the department,
affecting the pecuniary interest of any corporation, partnership, or association,
other than the corporate credit union, in which that person has a direct or indirect
interest, except for matters involving payment of dividends to the membership.
(3) The department shall adopt rules implementing this section in substantial conformance
with Title 12, part 704, Code of Federal Regulations.
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