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Section: 370.0061 Credit union commission, created, members, term, compensation--credit union representative defined. RSMO 370.061


Published: 2015

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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.



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