OAR 441-710-0527: Regular Meetings of Credit Union Board of Directors

(1) For purposes of this rule, “regular meetings” mean formal board of director meetings held at definite intervals. (2) A credit union’s board of directors shall, during each calendar year, hold at least six regular meetings with at least one of the six regular meetings to be held each quarter. (3) A credit union shall specify the number of regular meetings and their frequency in its bylaws. (4) A regular meeting shall not include the credit union’s annual meeting, committee meetings, or special meetings. (5) Notwithstanding sections (1) and (2) of this rule, the Director of the Department of Consumer and Business Services may require that the credit union board of directors hold regular meetings more frequently than the number specified in the bylaws if the director reasonably believes that the credit union’s condition, practices, or activities warrant additional regular meetings.