Current through Register 2022 Notice Reg. No. 16, April 25, 2022
(a) The secretary of a credit union shall
maintain complete minutes of the board of directors' meetings. The minutes
shall include authorization of investments and withdrawals, authorization of
borrowing, authorization of charge-off of accounts, authorization of payments
of interest refunds, declaration of dividends, authorization of purchase or
lease of fixed assets, and approval of expenses of the credit union and either
the approval of new members by the board of directors or a report of approval
of new members by a committee appointed by the directors for that purpose. The
names and account numbers of members shall be maintained by either the board of
directors or the membership committee chairperson, or other person designated
by the board of directors or by the membership committee chairperson.
(b) With respect to the authorization of
charge-off of accounts, the board of directors may authorize the charge-off of
the aggregate balance of two or more obligations, if no one obligation has a
balance which exceeds $20,000 and if a list of the obligations, by borrower and
amount charged-off, is attached to and made a part of the minutes of the board
meeting at which the charge-off is authorized.
Cal. Code Regs. Tit.
Note: Authority cited: Section
Financial Code. Reference: Sections 14250,14453, 14456, 14650 and 14800,
1. Change without
regulatory effect renumbering former section 923 to new section 30.301 filed
8-19-97 pursuant to section 100, title 1, California Code of Regulations
(Register 97, No. 34).
2. Amendment of section and Note filed
2-27-2003; operative 3-29-2003 (Register 2003, No.