Statute 21 1768 01

21-1768.01. Associate directors.(1) The board of directors of a credit union may, in its discretion, appoint one or more associate directors to serve in an advisory capacity. The board shall prescribe the duties of an associate director and the manner in which associate directors are appointed and removed. The board shall not delegate to associate directors any of the duties or responsibilities prescribed by the Credit Union Act or other applicable law to be performed by the directors duly elected by the members. An associate director shall not be deemed or considered to be a director for any purpose under the act.(2) Before appointing an associate director, the board shall confirm that the person meets all of the requirements to serve as a director.(3) An associate director may participate in meetings of the board but may not vote or otherwise act as a director. With respect to any issue that comes before the board for deliberation, the board may request that any associate director in attendance leave the meeting of the board and any associate director in attendance shall immediately comply with the request.(4) The board shall require each associate director to sign a

director in attendance leave the meeting of the board and any associate director in attendance shall immediately comply with the request.(4) The board shall require each associate director to sign a confidentiality or nondisclosure agreement to ensure that information concerning the credit union remains confidential.Source Laws 2024, LB1074, § 70. Operative Date: July 19, 2024