1. The directors shall have general management of the credit union, and it is their duty particularly: a. To act on applications for membership, unless a membership officer is appointed. b. To determine interest rates on loans and deposits or designate a representative to determine these rates. c. To fix, subject to the approval of the commissioner, the amount of surety bond which must be required of all officers and employees handling money. d. To declare dividends. e. To transmit to the members recommendations for changes in the bylaws. f. To fill vacancies on the board of directors and on the credit committee who shall serve until their successors are chosen and qualified. g. To determine the maximum individual shareholdings and the maximum aggregate liability to the credit union of any one borrower but such maximum aggregate liability allowed by the board may not exceed the amounts listed in the following schedule: Total Assets Loan Limit 0 to 70,000 10% with a limit of 5,000 70,001 to 100,000 6,000 limit 100,001 to 200,000 8,000 limit 200,001 to 300,000 10,000 limit 300,001 to 400,000 12,000 limit 400,001 to 500,000 14,000 limit over 500,000 3% of assets For purposes of this subsection, the aggregate liability of one borrower to a credit union includes the total direct, indirect, and contingent liabilities of the borrower, and the liabilities of separate borrowers for which the repayment of separate loans or extensions of credit is substantially from the same source. The aggregate liability of any one borrower to the credit union does not include any loan or portion of a loan guaranteed by the government, to the extent of the guarantee, nor any loan secured by shares in the credit union, to the extent of the security. In all cases a credit union is allowed to loan up to and including two hundred dollars to any individual regardless of the amount of total assets in said credit union. Provided, that the foregoing provisions do not apply to the North Dakota central credit union. h. To supervise and control investments other than loans to members. i. To establish a schedule of fines for delinquency in the payment of principal or interest, which the board shall impose at its discretion. 2. The board may appoint membership officers authorized to approve applications for membership under such conditions as the board may prescribe; except that such membership officers so authorized shall submit to the board at each monthly meeting a list of approved or pending applications for membership received since the previous monthly meeting, together with such other related information as the bylaws or the board may require. 3. No immediate family member of the president, general manager, or chief executive officer of the credit union may serve on the board of directors of the credit union. 4. A majority of the board of directors of a credit union may not be immediate family members of each other.
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