NY Banking L § 472 (2021)
2021 New York Laws BNK - Banking Article 11 - Credit Unions 472 - Special Duties of Directors.

§ 472. Special duties of directors.  Unless the bylaws shall expressly   reserve any or all of the following duties to the shareholders, it shall   be the special duty of the directors:1.  To  act  upon  applications  for  membership and to expel members;   provided that the board of directors may appoint a membership  committee   consisting  of not less than two directors, which committee may act upon   applications for membership and approve  persons  for  membership  under   such  conditions  as the board may prescribe; except that such committee   so authorized shall submit to the board at each monthly meeting  a  list   of  approved  or  pending applications for membership received since the   previous monthly meeting, together with such other  related  information   as the board may require.2.  To  fix  the amount of surety bond required of each officer having   the control or custody of funds.3. To determine from time to time the rate of interest which shall  be   allowed on deposits and charged on loans.4.  To  fix the maximum number and classes of shares, share drafts and   share certificates which may be held by, and the  maximum  amount  which   may  be  lent  to,  any  member,  subject  in each case, however, to the   restrictions  contained  in  section  four  hundred  fifty-six  of  this   article.5.  To  declare  dividends  and  authorize  an  interest refund to all   members of record at the close of  business  on  the  last  day  of  any   dividend  period  in  proportion to the interest paid by them during the   dividend period.  The amount of interest refund to the members shall  be   in proportion to the amount of interest paid by them during the dividend   period  as  determined  by the application of a uniform percentage.  The   board may authorize an interest refund for a dividend period only during   a month in which, under the bylaws, it may declare a dividend  for  such   period,  except  that  if,  under the bylaws, a credit union has for the   calendar year dividend periods more  frequently  than  annually  and  an   interest  refund  was  omitted for one or more of such dividend periods,   the board, during the time permitted for the declaration of the  current   dividend,  may  authorize  an  interest  refund for the current dividend   period and for any one or more of the omitted dividend periods. However,   the board shall not authorize an interest refund for any dividend period   with respect to which it has not declared a dividend. An interest refund   shall be recorded on the books of the credit union  as  a  reduction  of   interest income.6. To recommend amendments to the bylaws.7.  To  fill  vacancies  in  the  board  of directors or the credit or   supervisory committees as provided for in the bylaws.8. To choose a chairman and recording officer of the credit  committee   from among the members thereof at the annual organization meeting of the   board of directors of the credit union.9.  To  direct  the  deposit  or  investment of funds, except loans to   members.10. To perform such other duties as the bylaws may prescribe.