412:10-120 Suspension or removal of officials. (a) The supervisory committee by a two-thirds vote of the entire committee may suspend any member of the credit committee or the credit manager and shall report such action to the board of directors. The board shall meet not less than seven nor more than twenty-one days after such suspension to take appropriate action. The suspended person shall have the right to appear and be heard at the meeting.

(b) The supervisory committee by a two-thirds vote of the entire committee may suspend any officer or any member of the board of directors until the next members' meeting, which shall be held not less than seven nor more than twenty-one days after such suspension. At such meeting the suspended person shall have the right to appear and be heard. The suspension shall be acted upon by the members and the person shall be removed for cause from or restored to office.

(c) The board of directors by a two-thirds vote of those present at a meeting may suspend or remove any member of the supervisory committee or of the credit committee for failure to perform duties in accordance with this chapter, the articles of association, or the bylaws. The committee member shall have the right to appear and be heard at such meeting. [L 1993, c 350, pt of 1]

 

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