Reading Room Document

Views concerning whether, if vacancies exist on the Board of Directors of the National Consumer Cooperative Bank, the President may fill such vacancies immediately on an interim basis.

The document discusses the authority of the President to fill vacancies on the Board of Directors of the National Consumer Cooperative Bank on an interim basis. It concludes that the President is empowered to appoint interim Directors to fill vacancies, and those directors have the full power to take legally binding actions on behalf of the Bank. The document also raises questions about the speed at which interim directors can take action and the extent of their authority, but it ultimately concludes that interim directors are intended to have the same authority as regular directors.

May 11, 1981