SECTION 180:10-1-13. Prohibition against credit unions employing, electing or appointing certain individuals and Credit Union Board's power to enforce

(a)   A person may not serve and a credit union may not employ, appoint or elect a person as an officer, director, or committee member of a credit union if after notice and opportunity for hearing before the Board pursuant to the Oklahoma Administrative Procedures Act, the Board determines that he/she:

(1)   Has been convicted of or plead guilty to a felony in any state or of a criminal offense involving dishonesty, a breach of trust, or fraud;

(2)   As an officer, director, committee member, or employee of any federally insured or state chartered financial institution, has been suspended, removed from service with a federally insured or state chartered financial institution by a federal or state regulatory body or has resigned from such an institution as a result of regulatory or civil proceedings for his/her removal or suspension from such institution;

(3)   Is unfit to serve in such a capacity or unfit to participate in the conduct of the affairs of a credit union, as determined by the Board pursuant to Rule 180:10-5-9;

(4)   Has failed to obey an order of the Board or Commissioner without legal justification therefor.

(5)   Fails to obtain a surety bond for protection of the credit union against his/her fraud or dishonesty as required by the Act.

(b)   Provided, any person or credit union described in (a) of this Section may obtain an exception to this section from the Board upon a showing of good cause for the grant of such an exception.

[Source: Added at 11 Ok Reg 4185, eff 7-25-94; Amended at 26 Ok Reg 1413, eff 6-11-09]