Section 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.