California Financial Code

§ 14452.5

FIN § 14452.5 Effective Jan 1, 1999Div. 5 · Ch. 4 · Art. 2

Statute text

A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following:

(a)A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.

(b)If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members shall elect a director to hold office until the expiration of the term for which elected.

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Legislative history

Added by Stats. 1998, Ch. 539, Sec. 22. Effective January 1, 1999.