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General Requirements of the Board of Directors

The Board of Directors shall consist of five (5) members.

Directors shall be elected by the membership for three (3) year terms, and may succeed themselves for any number of full three (3) year terms. Any vacancies occurring on the board shall be filled by appointment by the Board for the length of the unexpired term.

Only one member of the Board of Directors shall serve on the Supervisory Committee concurrently.

The Board of Directors shall meet at least monthly or at frequent intervals as the business of the Credit Union may require, upon notification by the Secretary.

A majority of Directors at any meeting of the Board shall constitute a quorum.

The Board of Directors shall have responsibility for the general management of the affairs of the Credit Union and shall perform those duties prescribed by law and in addition thereto shall perform the following duties:

  • Adopt written policies for extensions of credit to members.
  • Adopt written policies for collection of delinquent accounts.
  • Adopt written personnel policies.
  • Adopt written investment policies.
  • Adopt written policies and procedures for the conduct of officers, employees and committees.
  • Adopt annually a written budget and strategic plan
  • Perform such other duties as the members may from time to time authorize.

Any member nominated for the Board of Directors must have a member in good standing of the Credit Union for at least two years at the time of the annual meeting and be familiar with the Credit Union services delivered. The Nominating Committee shall be consider the qualifications of the nominees on the basis of such criteria as, but not limited to, background with the Hialeah Municipal Employees Federal Credit Union, experience in other financial institutions, interest in HMEFCU in particular and the credit union movement in general, and other areas of need on the part of the Credit Union such as employment, law, accounting, marketing, finance or other areas of expertise as may be determined by the Nominating Committee.

All Volunteers must complete the Basic Volunteer Achievement Program and Board of Director Certification as coordinated by CUNA, within the first year following election/appointment.

The Board of Directors by, majority vote may declare a vacancy on the Board whenever any member of the Board has failed to attend three (3) regularly scheduled meetings without prior notification of absence (s) for good cause, and the vacancy shall be filled by the Board by appointment.