California Financial Code

§ 6156

FIN § 6156Div. 2 · Ch. 3 · Art. 4

Statute text

(a)Any vacancy among directors, not filled by the members or stockholders, may be filled by a majority vote of the remaining directors, though less than a quorum, by electing a director to serve until the next annual meeting of the members or stockholders, at which time a director shall be elected to fill the vacancy for the unexpired term for the class of director in which the vacancy exists.

(b)In the event of a vacancy on the board of directors from any cause, the remaining directors shall have full power and authority to continue direction of the association until the vacancy is filled.

Legislative history

Added by Stats. 1983, Ch. 1091, Sec. 2.