South Carolina Statutes
§ 34-26-605 — Membership of board; term of office; board appointment of credit committee.
South Carolina·Title 34 BANKING, FINANCIAL INSTITUTIONS AND MONEY·Ch. 26 SOUTH CAROLINA CREDIT UNION ACT
(1)The board shall consist of an odd number of directors, at least five in number, to be elected by and from the members. Elections shall be held at the annual meeting or in such other manner as the bylaws provide. All members of the board shall hold office for such terms as the bylaws provide, except that terms shall be staggered so that an approximately equal number expire each year.
(2)At an organization meeting to be held within thirty days following each annual election, if it is stipulated in the bylaws, the board of directors shall appoint a credit committee that consists of an odd number, not less than three, whose terms are as the bylaws provide. The bylaws may offer the option of using loan officers instead of having a credit committee.
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South Carolina § 34-26-605 (Membership of board; term of office; board appointment of credit committee.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1996 Act No. 371, SECTION 1, eff May 29, 1996; 2007 Act No. 51, SECTION 5, eff upon approval (became law without the Governor's signature on June 7, 2007). Effect of Amendment The 2007 amendment, in subsection (2), in the first sentence added "if it is stipulated in the bylaws," and added the second sentence relating to the option of using loan officers.
Nearby Sections
15
§ 34-26-100
Short title.§ 34-26-1010
Designation of depositories.§ 34-26-1020
Permissible investments of credit union funds.§ 34-26-110
Definitions.§ 34-26-1120
Special reserves.§ 34-26-1210
Merger.§ 34-26-1300
Corporate credit union.§ 34-26-1310
Purposes of corporate credit union.§ 34-26-1320
Corporate credit union membership.§ 34-26-1330
Application to form corporate credit union.