§ 31.12.225. Board of directors -- Election of directors -- Terms -- Vacancies -- Meetings
(1) The business and affairs of a credit union shall be managed by a board of not less than five and not greater than fifteen directors.
(2) The directors must be elected at the credit union's annual membership meeting. They shall hold their offices until their successors are qualified and elected or appointed.
(3) Directors shall be elected to terms of between one and three years, as provided in the bylaws. If the terms are longer than one year, the directors must be divided into classes, and an equal number of directors, as nearly as possible, must be elected each year.
(4) Any vacancy on the board must be filled by an interim director appointed by the board, unless the interim director would serve a term of fewer than ninety days. Interim directors appointed to fill vacancies created by expansion of the board will serve until the next annual meeting of members. Other interim directors will serve out the unexpired term of the former director, unless provided otherwise in the credit union's bylaws.
(5) The board will have regular meetings not less frequently than once each month.
[2001 c 83 § 6; 1997 c 397 § 14; 1984 c 31 § 24.]
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