Section 370.200

There are multiple enactments of 370.200

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 2026, 3 histories, see footnote   

  370.200.  Duties of board — telephone or electronic participation at meetings. — 1.  The board of directors shall have the general management of the affairs, funds, and records of the corporation, and unless they shall be specifically reserved to the members or delegated to the president or operating manager, it shall be the special duty of the directors:

  (1)  To act upon applications for membership in the credit union;

  (2)  To determine, from time to time, rates of interest which shall be charged on loans;

  (3)  To fix the maximum number of shares which may be held by and the maximum amount, both secured and unsecured, which may be loaned to any one member, such limitations to apply alike to all members; and

  (4)  To have charge of the investment of funds of the credit union, other than loans to members, and to perform such other duties as the members may, from time to time, authorize.

  2.  Additionally, the board shall have the duty to:

  (1)  Authorize the employment and compensation of the chief executive officer;

  (2)  Approve an annual operating budget for the credit union;

  (3)  Declare dividends on regular shares;

  (4)  Accept and act upon resignations and determine and fill vacancies on the board of directors, credit committee, and, if the bylaws so provide, the supervisory committee until the election or appointment of qualified successors;

  (5)  Amend the bylaws except for those provisions in other sections of this chapter specifically reserved for membership action; and

  (6)  Consider an appeal of a person denied membership by the credit union.

  3.  Unless specifically prohibited by the bylaws, directors may participate in and act at any meeting of the board through the use of a telephone or other electronic means.  Participation in the meeting in this manner shall constitute attendance, and participation by directors in a meeting may be in any combination of in-person, telephone, or other electronic or virtual means, provided that all directors participating in the meeting can communicate simultaneously.  Any action taken during such meeting shall have the same binding and legal effect as if the meeting were conducted in person.  Votes and other actions taken by the directors shall be conducted by electronic means, including remote or online systems, provided that the board-approved procedures have been established to verify the identity of voting directors and to ensure the integrity of the process.

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(RSMo 1939 § 5529, A.L. 1969 H.B. 117, A.L. 1972 S.B. 502, A.L. 1984 H.B. 962, A.L. 1988 H.B. 1097, A.L. 2020 S.B. 599, A.L. 2026 H.B. 2586)

Prior revision: 1929 § 5087