125. Unless the obligations of a financial services cooperative under the following contracts are minimal, such contracts must be submitted to its board of directors for approval:(1) a contract for the acquisition, by the cooperative, of securities issued by a natural person or group that is a restricted party with respect to the cooperative or for the transfer of assets between them; and
(2) a service contract between the cooperative and a natural person or group that is a restricted party with respect to it.
Before approving such contracts, the board of directors must obtain the opinion of the board of supervision or the board of ethics and professional conduct, as the case may be.
2000, c. 29, s. 125; 2005, c. 35, s. 35, s. 36; 2018, c. 232018, c. 23, s. 1021.