§ 707. Duties of directors generally
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 17 Pa.C.S.A. Credit UnionsEffective: February 7, 2003
Effective: February 7, 2003
17 Pa.C.S.A. § 707
§ 707. Duties of directors generally
(8) To have charge of investments, first mortgage loans and loans to other credit unions and Federal credit unions but not loans to members which are under the supervision of the credit committee as otherwise provided in this title. The board may, however, delegate to the credit committee the authority to approve some or all first mortgage loans and to an investment committee or qualified individual the authority to make all or some investments if the board first establishes guidelines and standards for the approval and making of such loans and investments in accordance with the policies of the board of directors.
(b) Notice of interest refund to department.--Immediately upon the board deciding to refund any interest pursuant to subsection (a)(10), notice of such decision and a copy of any board resolution and related documents shall forthwith be sent to the department. The department shall, within 30 days after receipt thereof, have the power to disapprove, for any reasonable cause stated in writing, any such interest refund. If the department does not disapprove the interest refund within 30 days, the interest refund shall become effective.
Credits
1990, Dec. 19, P.L. 834, No. 198, § 302, effective in two months. Amended 2002, Dec. 9, P.L. 1572, No. 207, § 7, effective in 60 days.
17 Pa.C.S.A. § 707, PA ST 17 Pa.C.S.A. § 707
Current through the end of the 2023 Regular Session. Some statute sections may be more current, see credits for details.
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