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Election of directors and credit and supervisory committee members - 17 Pa. Cons. Stat. § 706

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     § 706.  Election of directors and credit and supervisory
                committee members.
        (a)  General rule.--At the organization meeting and at all
     subsequent annual meetings, the credit union members shall elect
     from the membership of the credit union a board of directors of
     not less than five members, a credit committee of not less than
     three members if the bylaws so provide and a supervisory
     committee of not less than three nor more than five members if
     the bylaws so provide, all to hold office for such terms
     respectively, as the bylaws provide and until successors are
     duly qualified. If permitted by the bylaws, the election may be
     conducted by mail ballot. A member shall not serve on more than
     one of the committees. Not more than one member of the board,
     who shall not be the treasurer or an assistant treasurer, may
     serve as a member of the credit committee. A member of the board
     of directors, treasurer or an assistant treasurer may not serve
     on the supervisory committee.
        (b)  Report to department.--A statement in writing of the
     names and addresses of the members of the board and the
     committees and the officers, as well as any interim
     appointments, shall be filed with the department within ten days
     after their election and qualification or interim appointment.
     For failure to file such statements when due, unless excused for
     cause, the credit union shall pay to the department $100 for
     each day of its delinquency.
     (Dec. 9, 2002, P.L.1572, No.207, eff. 60 days)

        2002 Amendment.  Act 207 amended subsec. (b).

Last modified: November 27, 2007