NOTE: The governor signed this measure on 4/15/2016.
      
      
      SENATE BILL 16-125
      
      
      BY SENATOR(S) Holbert, Grantham, Jahn, Kerr, Lambert, Scheffel,
      Scott, Woods;
      also REPRESENTATIVE(S) Kraft-Tharp, Lontine, Nordberg, Pabon,
      Pettersen, Priola, Rosenthal, Roupe, Ryden.
      
      
      Concerning the governance of credit unions, and, in connection
           therewith, authorizing the appointment of an audit
           committee in lieu of a supervisory committee and allowing
           the reasonable compensation of a director for his or her
           service to the credit union.
      
      
      Be it enacted by the General Assembly of the State of Colorado:
      
           SECTION 1.  In Colorado Revised Statutes, amend 11-30-108 as
      follows:
      
           11-30-108.  Elections. (1)  At the annual meeting, or by other proper
      balloting within thirty days before and twenty days after the annual
      meeting, the credit union members shall elect from the membership a board
      of directors of not less than five members. A supervisory committee of not
      less than three members and a credit committee of not less than three
      members or a credit officer shall be elected by the credit union members or
      appointed by the board of directors as provided in the bylaws of the credit
      union. All such persons shall hold office for such terms respectively as the
      bylaws provide and until successors are elected or appointed and qualify.
      In addition, one or more alternate members of the credit committee may be
      elected by the credit union members or appointed by the board of directors
      to serve in the absence of members of the credit committee. No member
      shall hold more than one elected office simultaneously. A record of the
      names and addresses of the members of the board and such committees,
      such alternates, and the officers shall be filed with the commissioner within
      twenty days after their election or appointment.
      
           (2)  Notwithstanding subsection (1) of this section, the
      board of directors may, as provided in the bylaws, appoint an
      audit committee in lieu of a supervisory committee to carry out
      the duties and responsibilities of the supervisory committee as
      contained in section 11-30-111. A record of the names and
      addresses of the members of the audit committee must be filed
      with the commissioner within twenty days after their election or
      appointment.
      
           SECTION 2.  In Colorado Revised Statutes, 11-30-109, amend (3)
      as follows:
      
           11-30-109.  Directors and officers - compensation. (3)  The
      treasurer may be compensated for his service as treasurer. No other member
      of the board of directors or of any committee shall, as such, be
      compensated; except that reasonable health, accident, or similar insurance
      protection, and the reimbursement of reasonable expenses incurred in the
      execution of the duties of the position, shall not be considered
      compensation. A credit union may reasonably compensate a
      director for his or her services to the credit union. Providing
      reasonable life, health, accident, and similar insurance
      protection is not considered compensation. Directors, officers,
      and committee members may be reimbursed for necessary expenses
      incidental to the performance of the official business of the
      credit union.
      
           SECTION 3.  Act subject to petition - effective date. This act
      takes effect at 12:01 a.m. on the day following the expiration of the
      ninety-day period after final adjournment of the general assembly (August
      10, 2016, if adjournment sine die is on May 11, 2016); except that, if a
      referendum petition is filed pursuant to section 1 (3) of article V of the state
      constitution against this act or an item, section, or part of this act within
      such period, then the act, item, section, or part will not take effect unless
      approved by the people at the general election to be held in November 2016
      and, in such case, will take effect on the date of the official declaration of
      the vote thereon by the governor.
      
      
      
      
      ____________________________  ____________________________
      Bill L. Cadman                Dickey Lee Hullinghorst
      PRESIDENT OF                     SPEAKER OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
      
      
      ____________________________  ____________________________
      Effie Ameen                            Marilyn Eddins
      SECRETARY OF                 CHIEF CLERK OF THE HOUSE
      THE SENATE                         OF REPRESENTATIVES
      
      
      
      
                  APPROVED________________________________________
      
      
      
      
      
                                    _________________________________________
                                    John W. Hickenlooper
                                    GOVERNOR OF THE STATE OF COLORADO