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Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.12.235. Directors--Qualifications--Operating officers and employees may serve

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) A director must be a natural person and a member of the credit union. If a director ceases to be a member of the credit union, the director shall no longer serve as a director.

(2)(a) If a director is absent from more than one-fourth of the regular board meetings in any twelve-month period in a term without being reasonably excused by the board, the director shall no longer serve as a director for the period remaining in the term.

(b) The board secretary shall promptly notify the director that he or she shall no longer serve as a director. Failure to provide notice does not affect the termination of the director's service under (a) of this subsection.

(3) A director must meet any qualification requirements set forth in the credit union's bylaws. If a director fails to meet these requirements, the director shall no longer serve as a director.

(4) The operating officers and employees of the credit union may serve as directors of the credit union, but only as permitted by the credit union's bylaws. In no event may the operating officers and employees of the credit union constitute a majority of the board.

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Cite this article: FindLaw.com - Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.12.235. Directors--Qualifications--Operating officers and employees may serve - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-31-miscellaneous-loan-agencies/wa-rev-code-31-12-235/

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