6.2-1348 - (Effective October 1, 2010) Board of directors; number; election; term; appointment of supervisory and credit committees.
§ 6.2-1348. (Effective October 1, 2010) Board of directors; number; election;term; appointment of supervisory and credit committees.
A. The board of directors shall have the authority and responsibility fordirecting the business affairs, funds, and records of the credit union.
B. The board shall consist of an odd number of directors, at least five innumber, to be elected by and from the members. After the election of theinitial board at the organizational meeting, the election of the board shallbe held at the annual meeting or at such other time as the bylaws provide.
C. A director shall be elected for a term of not less than one year nor morethan four years, as provided in the bylaws. If the term is more than oneyear, the bylaws shall establish terms of office so that an approximatelyequal number of directors shall be elected each year. A director, unlessremoved from office, shall hold office until a successor is elected andqualified. Directors may serve more than one term. Any vacancy on the boardof directors shall be filled until the next annual election by appointment bythe remainder of the directors.
D. The board of directors at its first meeting following the annual electionshall appoint a supervisory committee from the membership. The supervisorycommittee shall consist of an odd number of members, not less than three. Nomember of the board of directors or the credit committee shall serve on thesupervisory committee. The terms for the members of the supervisory committeeshall be as provided in the bylaws.
E. Unless the members have authorized and directed the board of directors toserve as the credit committee, the board of directors at its first meetingfollowing the annual election shall either appoint:
1. A credit committee, which shall be appointed from the membership. Thecredit committee shall consist of an odd number of members, not less thanthree. No member of the board of directors or the supervisory committee shallserve on the credit committee unless authorized by the provisions of thissection. The terms for the members of the credit committee shall be asprovided in the bylaws; or
2. One or more loan officers to carry out the duties and responsibilities ofthe credit committee.
(Code 1950, § 6-219; 1966, c. 584, § 6.1-210; 1968, c. 560; 1982, c. 575;1983, c. 301; 1990, c. 373, § 6.1-225.31; 2010, c. 794.)