Sec. 27. Authority of directors.

183 words·~1 min read·/il/chapter-205/act-305/27

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(1)The board of directors shall be charged with and have control over the general management of the operations, funds and records of the credit union.

(2)In discharging the duties of their respective positions, the board of directors, committees of the board, and individual directors shall be entitled to rely on advice, information, opinions, reports or statements, including financial statements and financial data, prepared or presented by:

(i)one or more officers or employees of the credit union whom the director believes to be reliable and competent in the matter presented;

(ii)one or more counsel, accountants, or other consultants as to matters that the director believes to be within that person's professional or expert competence; or

(iii)a committee of the board upon which the director does not serve, as to matters within that committee's designated authority; provided that the director's reliance under this subsection

(2)is placed in good faith, after reasonable inquiry if the need for such inquiry is apparent under the circumstances and without knowledge that would cause such reliance to be unreasonable.