Okla. Stat. tit. 6, § 6-2010

Supervisory committee - Officers.

A. 1. The business affairs of a credit union shall be managed

by a board of not less than seven (7) members, elected by the

members of the credit union, from their number, at their annual

meeting, the organizational meeting being the first annual meeting,

and to hold office for such terms as the bylaws may provide.

2. The bylaws of a credit union shall not prevent or restrict a

member from serving as a director, unless such member has been, or

is later, convicted of a crime involving dishonesty or breach of

trust.

3. A record of names and addresses of the board of directors

and the respective committees and officers shall be filed with the

Bank Commissioner within ten (10) days after their election. No

member of the board of directors shall, as such, be compensated, but

the officers elected by the board of directors and the members of

the credit and supervisory committees may receive such compensation

for services performed as the board shall, by resolution, authorize.

4. The board of directors shall meet at least once a month,

unless permitted by the Bank Commissioner to meet less often, and

shall have the general direction and control of the affairs of the

corporation. The minutes of all such meetings shall be kept. Among

other things they shall act upon applications for membership.

5. The board shall also:

a. declare dividends and determine rates of interest on

deposits,

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 254

b. fill vacancies in the board and in the credit

committee until successors elected at the next annual

meeting have qualified,

c. authorize investment of credit union funds other than

loans to members,

d. determine from time to time the maximum number of

shares and deposits that will be accepted from a

member in any calendar month not inconsistent with the

bylaws, and

e. subject to limitations of this act, determine the

interest rates on loans and the maximum amount that

may be loaned with and without security to any member,

and determine the rate of interest refund, if any, to

be made to members.

A majority of the board may, however, agree to exclude

loans made at rates of interest lower than the basic rate

of the credit union and may also exclude loans where

payments are in arrears from participation in such

interest rebates. All other loans shall participate at

the same rate of rebate.

6. The State Credit Union Board may, by approval of

implementing amendments to the bylaws of a credit union, authorize

the delegation of specific powers by the board of directors of the

credit union to an executive committee of the board of designated

officers of the credit union. However, the delegation of any power

by the board of directors, as authorized, shall not relieve the

board of any existing duty or obligation for the proper exercise of

the delegated power.

B. 1. At their first meeting, after the annual meeting of the

members, the directors shall elect from their number an executive

officer, who may be designated as chairman of the board or

president, a vice-chairman of the board or a vice-president, a

secretary, and a treasurer, who shall be the executive officers of

the corporation. The secretary and the treasurer may be the same

person. The duties of the officers shall be determined by the

bylaws.

2. The board of directors may employ an officer in charge of

operations, whose title shall be either president and/or general

manager or, in lieu thereof, the board of directors may designate

the treasurer or an assistant treasurer, to act as general manager

and be in active charge of the affairs of the credit union. Each

active officer and employee of a credit union shall, before entering

upon their duties, make and give a bond to the credit union,

executed by a surety company, in an amount fixed by the State Credit

Union Board, for the protection of the credit union against the
the treasurer or an assistant treasurer, to act as general manager

and be in active charge of the affairs of the credit union. Each

active officer and employee of a credit union shall, before entering

upon their duties, make and give a bond to the credit union,

executed by a surety company, in an amount fixed by the State Credit

Union Board, for the protection of the credit union against the

fraud or dishonesty of each active officer or employee of the credit

Oklahoma Statutes - Title 6. Banks and Trust Companies Page 255

union. When the bond has been executed it shall be filed with the

Bank Commissioner.

3. The board of directors may appoint a membership officer and

delegate to the officer the power to approve or disapprove all

membership applications. The membership officer may not be the

treasurer or assistant treasurer. Once appointed, the membership

officer shall submit to the board of directors a list of approved or

pending applications for membership at each regular meeting of the

board of directors.

C. 1. A credit committee of not less than three members shall

be either elected by the members or appointed by the board of

directors, from the membership of the credit union, at the annual

meeting of the members, or at the first meeting of the board of

directors after the annual meeting of the members, as the bylaws may

provide. Members of the credit committee shall hold office for such

terms as specified in the bylaws. In lieu of a credit committee, a

credit manager may be appointed by the board of directors, if the

bylaws so provide. The credit manager shall be an officer of the

credit union.

2. A credit committee, or if the bylaws so provide, a credit

manager, shall have the general supervision of all loans to members.

It shall be the duty of the credit committee, or if applicable, the

credit manager, to provide for the review of all applications for

loans, to ascertain whether or not such loan would benefit the

applicant, and to determine whether or not the security offered, in

the judgment of the credit committee or the credit manager, is

sufficient and the terms proper. If the loans of the credit union

are supervised by a credit committee, the credit committee shall

meet as often as may be required after due notice has been given to

each member thereof, but not less than once a month, and shall keep

a record of all meetings.

3. The credit committee, or the credit manager, shall make a

report to the members at the annual meeting.

4. To facilitate the work of the credit committee or the credit

manager, the credit committee or the credit manager, whichever is

applicable, may appoint one or more loan officers and assistants, as

may be necessary. Loan officers shall act under the direction of

the credit committee or the credit manager and may approve or

disapprove loans, but only within written rules and regulations

established by the credit committee or the credit manager. A record

of loans approved by each loan officer shall be made available upon

request to the credit committee or the credit manager.

D. 1. The supervisory committee shall be appointed by the

board of directors unless otherwise provided in the bylaws. One

director may be appointed or elected to the supervisory committee,

but not the treasurer.

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2. The supervisory committee shall make a semiannual

examination of the affairs of the credit union, including an audit

of its books; and shall make an annual audit and a report to be

submitted at the annual meeting of the corporation. However, if the

supervisory committee, with the approval of the board of directors,

employs an auditor approved by the State Credit Union Board, a

licensed public accountant or a certified public accountant to

perform an annual audit of the affairs and books of the credit

union, such annual audit by the outside auditor shall constitute
o be

submitted at the annual meeting of the corporation. However, if the

supervisory committee, with the approval of the board of directors,

employs an auditor approved by the State Credit Union Board, a

licensed public accountant or a certified public accountant to

perform an annual audit of the affairs and books of the credit

union, such annual audit by the outside auditor shall constitute

full compliance with this subsection.

3. The supervisory committee shall make a report of any audit

it causes to be conducted of the credit union at the annual meeting

of the credit union.

4. By a unanimous vote, the supervisory committee may suspend

any officer of the corporation, including the credit manager, or any

member of the credit committee or of the board of directors until

the next members' meeting, which meeting, however, shall be held

within fourteen (14) days of the suspension and at which meeting the

suspension shall be acted upon by the members; and, by a majority

vote, may call a special meeting of the shareholders to consider any

violation of this law, the charter, or of the bylaws, or any

practice of the corporation deemed by the committee to be unsafe or

unauthorized. The board of directors shall fill vacancies on the

supervisory committee.

5. The supervisory committee shall in such manner as it deems

advisable cause the accounts of the members to be verified with the

records of the treasurer from time to time and not less frequently

than once every two (2) years.

6. The supervisory committee shall meet as often as necessary

to conduct the business of the supervisory committee and at such

other times as the Commissioner may prescribe. Minutes of all such

meetings shall be kept.

7. No member of the supervisory committee may be excluded from

attending the meetings of the board of directors of the credit

union.