17:13-99. Special meeting called by examining committee; suspension of officer or member

137 words·~1 min read·/nj/title-17/chapter-13/17-13-99

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

a. The examining committee may, by a majority vote of its members, call a special meeting of the members to consider any violation of this act, the credit union's charter or bylaws, or any practice of the credit union deemed by the committee to be unsafe or unauthorized.

b. The examining committee may, by a unanimous vote of its members, suspend any officer, member of the board of directors, or member of the credit committee for good cause until a meeting of the members, which shall be held not less than seven nor more than 21 days after the suspension to ratify the action of the examining committee.

c. Subsequent to ratification by the members, the examining committee shall refer the matter to the board for appropriate action.

L.1984, c. 171, s. 21, eff. Oct. 31, 1984.