(a) Not more than thirty (30) business days after the conclusion of the annual meeting, the board of directors shall elect from its own members:

1. (1) a chairperson;
2. (2) a vice chairperson or vice chairpersons;
3. (3) a secretary;
4. (4) a treasurer; and
5. (5) other officers determined necessary by the board of directors.

(c) The office of secretary and treasurer may be held by the same person. The board may appoint:

1. (1) an assistant secretary;
2. (2) an assistant treasurer; or
3. (3) both an assistant secretary and an assistant treasurer.

(f) It is the duty of the directors to do the following:

1. (1) To determine:

   1. (A) the maximum number of shares which may be held by a member; and
   2. (B) the maximum amount which may be loaned to a member.
2. (2) To amend the bylaws, provided that the qualifications for membership in the credit union are principally defined in the articles of incorporation.
3. (3) To fill vacancies on the board and the credit committee until the next election.
4. (4) To set the compensation of members of the board, credit committee, or supervisory committee.
5. (5) To establish and annually review written lending and investment policies and other policies necessary for the prudent operation of the credit union.
6. (6) To approve an annual operating budget for the credit union.

(h) A credit union board is responsible for the performance of all of the duties listed in this subsection. The board may delegate the performance of the duties to the chief executive officer, who may further delegate one (1) or more of the following duties:

1. (1) Approving, disapproving, or otherwise acting on applications for membership.
2. (2) Determining the interest rates on loans and on deposits.
3. (3) Hiring employees other than the chief executive officer and fixing the employees' compensation.
4. (4) Making and selling investments according to investment policies adopted by the board.
5. (5) Designating one (1) or more depositories for funds.
6. (6) Establishing procedures to implement policies of the credit union board.
7. (7) Establishing internal controls as necessary.
8. (8) Determining the amount of a dividend after providing for any required reserves and declaring the dividend.

(j) Unless specifically prohibited by the bylaws, if this chapter requires or allows a credit union board to take an action at a meeting, the board may take that action without a meeting if a consent in writing setting forth the action taken is signed by all of the directors entitled to vote on the matter. A written consent under this subsection must contain one (1) or more written approvals, each of which sets forth the action taken and bears the signature of one (1) or more directors. The directors shall deliver the directors' signed approvals to the secretary, and the secretary shall file the approvals in the corporate records of the credit union. An action taken by written consent under this subsection is effective on the date that all the directors have approved the consent unless the consent specifies a different effective date. A consent signed by all the directors has the same effect as a unanimous vote. The credit union may represent that the action was approved by a unanimous vote in any document filed with the department under this act.

Formerly: Acts 1961, c.182, s.16; Acts 1969, c.133, s.3; Acts 1974, P.L.130, SEC.4. As amended by Acts 1977, P.L.294, SEC.8; P.L.270-1983, SEC.5; P.L.228-1993, SEC.4; P.L.263-1995, SEC.13; P.L.62-1999, SEC.6; P.L.141-2005, SEC.15; P.L.35-2010, SEC.155; P.L.69-2018, SEC.54.