Sec. 35. Suspension and removal of officials.

119 words·~1 min read·/il/chapter-205/act-305/35

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The supervisory committee, by a unanimous vote of the whole committee, may suspend any member of the credit committee or the credit manager if no credit committee has been appointed. The supervisory committee shall report such action to the board of directors for appropriate action.

(2)The supervisory committee, by a unanimous vote of the whole committee, may suspend any officer or member of the board of directors until the next members' meeting, which shall be held not less than 7 nor more than 21 days after such suspension. At such meeting, the suspension shall be acted upon by the members, who shall either confirm or reject it by majority vote.