(1) At their organizational meeting and within 30 days following each annual meeting of the members, the directors shall elect an executive officer, who may be designated as chairperson of the board or president; a vice chairperson of the board or one or more vice presidents; a treasurer; and a secretary. The treasurer and the secretary may be the same individual. The persons so elected shall be the executive officers of the corporation.
(2) The terms of the officers shall be one year, or until their successors are chosen and have duly qualified.
(3) The duties of the officers shall be prescribed in the bylaws.
(4) The board of directors may employ an officer in charge of operations whose title shall be president, general manager, or such other title as may be designated in the bylaws of the credit union; or, in lieu thereof, the board of directors may designate the treasurer or an assistant treasurer to be in active charge of the affairs of the credit union.
(5) The board of directors may appoint a security officer. [1975 c.652 §30; 1987 c.286 §4; 1991 c.635 §9]Section: Previous 723.256 723.260 723.262 723.266 723.270 723.272 723.275 723.276 723.280 723.282 723.286 723.290 723.292 723.296 723.302 Next
Last modified: August 7, 2008