(a) A person may not serve and a credit union may not employ, appoint or elect a person as an officer, director, or committee member of a credit union if after notice and opportunity for hearing before the Board pursuant to the Oklahoma Administrative Procedures Act, the Board determines that he/she:
- (1) Has been convicted of or plead guilty to a felony in any state or of a criminal offense involving dishonesty, a breach of trust, or fraud;
- (2) As an officer, director, committee member, or employee of any federally insured or state chartered financial institution, has been suspended, removed from service with a federally insured or state chartered financial institution by a federal or state regulatory body or has resigned from such an institution as a result of regulatory or civil proceedings for his/her removal or suspension from such institution;
- (3) Is unfit to serve in such a capacity or unfit to participate in the conduct of the affairs of a credit union, as determined by the Board pursuant to Rule 180:10-5-9;
- (4) Has failed to obey an order of the Board or Commissioner without legal justification therefor.
- (5) Fails to obtain a surety bond for protection of the credit union against his/her fraud or dishonesty as required by the Act.
- (b) Provided, any person or credit union described in (a) of this Section may obtain an exception to this section from the Board upon a showing of good cause for the grant of such an exception.
Added at 11 Ok Reg 4185, eff 7-25-94
Amended at 26 Ok Reg 1413, eff 6-11-09