Section 470. Powers and duties of directors; not entitled to compensation; disqualification of directors

1. The board of directors of every credit  union shall have the  general  management  of  the  affairs,  funds  and
  records  of  the corporation.  No member of the board of directors shall
  receive any compensation for his services as  a  member  of  the  board.
  Whenever  the  directors  shall  deem any loan unsafe they may, in their
  discretion, require additional security to be given by the borrower, and
  if such security is not furnished as required by them, they may  declare
  the  loan  due and take action to collect the same.  Complete minutes of
  all meetings of directors shall be kept which shall include the names of
  the directors present.
    2. No person shall be eligible for election as a director of a  credit
  union  if  such person's spouse is a director or one of the five highest
  paid salaried officers of the credit  union,  if  such  person  or  such
  person's  spouse is the grandparent, parent, child, grandchild, brother,
  sister, uncle, nephew, or niece of a director or one of the five highest
  paid salaried officers of the credit union, or if a director or  one  of
  the  five  highest  paid  salaried  officers  of the credit union is the
  spouse of such person's child, grandchild, brother or sister.
    No director in office on July seventeenth, nineteen hundred eighty-six
  shall be ineligible  for  the  office  of  director  by  reason  of  the
  provisions of this subdivision.