§ 6.1-225.32. Board of directors; election of officers
A. At its first meeting after the annual election, the board of directors shall elect from its own number an executive officer, who may be designated as chairman of the board or president; a vice-chairman of the board or one or more vice-presidents; a secretary and a treasurer. The same member may simultaneously hold more than one office in the credit union, if the bylaws so provide. They shall also elect any other officers that are specified in the bylaws.
B. The terms of the officers shall be one year or until their successors are elected and qualified.
C. The duties of the officers shall be as prescribed in the bylaws.
D. The board of directors shall appoint (i) a chief operating officer of the credit union to be in active charge of its operations and (ii) a financial officer. The chief operating officer may also serve as the financial officer.
E. A credit union may use any other title it chooses for officers, so long as such titles are not misleading.
(Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373.)
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