§ 14452.5. — 14452.5. (Added by Stats. 1998, Ch. 539, Sec. 22.)

California § 14452.5.

• Jurisdiction: California
• Code FIN: Financial Code - FIN
• Div. 5.: DIVISION 5. CREDIT UNIONS
• Ch. 4.: CHAPTER 4. Management and Operations
• Art. 2.: ARTICLE 2. Directors

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.
(c)
If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.

Legislative History

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