Missouri Revised Statutes
Chapter 370
Credit Unions
←370.060
Section 370.061.1
370.062→
August 28, 2015
Credit union commission, created, members, term, compensation--credit union representative defined.
370.061. 1. There is created in the division of credit unions a "Credit
Union Commission" which shall have such powers and duties as are now or
hereafter conferred upon it by law.
2. The commission shall consist of seven members who shall be appointed
by the governor with the advice and consent of the senate. All members shall
be residents of this state, and one of them shall be a member of the Missouri
Bar in good standing. Four other members of the commission shall be credit
union representatives. As used in this section, the term "credit union
representative" shall mean a member of the commission who has at least five
years' experience in this state as an officer, director or member of a
supervisory committee of one or more credit unions and two members shall be
lay members who are not involved in the administration of a financial
institution. Not more than four members of the commission shall be members
of the same political party.
3. Effective March 25, 2005, the first three commissioners appointed, two
of whom shall be credit union representatives, shall have a term expiring
January 1, 2007. The next two commissioners appointed, one of whom shall be a
credit union representative, shall have a term expiring January 1, 2009. The
final two commissioners appointed, one of whom shall be a credit union
representative, and all subsequent commissioners shall serve a six-year term.
Members shall serve until their successors are duly appointed and have
qualified. Each member of the credit union commission shall serve for the
remainder of the term for which the member was appointed to the commission.
The commission shall select its own chairman and secretary. Vacancies in the
commission shall be filled for the unexpired term in the same manner as in the
case of an original appointment.
4. The members of the commission shall receive as compensation the sum of
one hundred dollars per day while discharging their duties, and they shall be
reimbursed for their actual and necessary expenses incurred in the performance
of their duties.
5. A majority of the members of the commission shall constitute a quorum
and the decision of a majority of a quorum shall be the decision of the
commission. The commission shall meet upon call of its chairman, or of the
director of the division of credit unions, or of any three members of the
commission, and may meet at any place in this state.
(L. 1998 H.B. 1323, A.L. 2002 H.B. 1921)
1998
1998
370.061. 1. There is created in the division of credit unions a
"Credit Union Commission" which shall have such powers and duties as are
now or hereafter conferred upon it by law.
2. The commission shall consist of seven members who shall be
appointed by the governor with the advice and consent of the senate. All
members shall be residents of this state, and one of them shall be a member
of the Missouri Bar in good standing. Four other members of the commission
shall each have had at least five years' experience in this state as an
officer, director or member of a supervisory committee of one or more
credit unions and two members shall be lay members who are not involved in
the administration of a financial institution. Not more than four members
of the commission shall be members of the same political party.
3. The term of office of each member of the commission shall be six
years. Members shall serve until their successors are duly appointed and
have qualified. Each member of the credit union commission shall serve for
the remainder of the term for which the member was appointed to the
commission. The commission shall select its own chairman and secretary.
Vacancies in the commission shall be filled for the unexpired term in the
same manner as in the case of an original appointment.
4. The members of the commission shall receive as compensation the
sum of one hundred dollars per day while discharging their duties, and they
shall be reimbursed for their actual and necessary expenses incurred in the
performance of their duties.
5. A majority of the members of the commission shall constitute a
quorum and the decision of a majority of a quorum shall be the decision of
the commission. The commission shall meet upon call of its chairman, or of
the director of the division of credit unions, or of any three members of
the commission, and may meet at any place in this state.
Top
Missouri General Assembly
Copyright © Missouri Legislature, all rights reserved.