Rhode Island § 19-5-8 § 19-5-8. Election and terms of directors.

Rhode Island Statutes

§ 19-5-8 — § 19-5-8. Election and terms of directors.

Rhode Island·Title 19 Financial institutions·Ch. 19-5 Credit Unions

§ 19-5-8. Election and terms of directors.
(a) At the annual meeting, the members shall elect a board of directors, the number of
            which shall be fixed from time to time by the bylaws, provided, however, that there
            shall be a minimum of five (5) directors. The directors shall be elected to staggered
            three (3) year terms so that one-third (â…“) of the whole number, or a close approximation
            of one-third (â…“), shall be elected at each succeeding annual meeting.
         
(b) In case of any increase in the number of directors, the length of the initial term
            of the new director(s) shall be determined in accordance with th

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§ 19-5-8. Election and terms of directors.

(a) At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) year terms so that one-third (â…“) of the whole number, or a close approximation of one-third (â…“), shall be elected at each succeeding annual meeting.

(b) In case of any increase in the number of directors, the length of the initial term of the new director(s) shall be determined in accordance with the requirement that one-third (â…“) of the whole number, or a close approximation of one-third (â…“), shall be elected at each succeeding annual meeting.

(c) No more than two (2) employees of the credit union shall be permitted to serve as members of the board of directors at any one time.

Rhode Island § 19-5-8 (§ 19-5-8. Election and terms of directors.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.