§ 6.1-225.31. (Repealed effective October 1, 2010) Board of directors;number; election; term; appointment of supervisory and credit committee.
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, provided that if the term is morethan one year, the bylaws shall establish terms of office so that anapproximately equal number of directors shall be elected each year. Adirector, unless removed from office, shall hold office until a successor iselected and qualified. Directors may serve more than one term. Any vacancyon the board of directors shall be filled until the next annual election byappointment by the remainder of the directors.
D. The board of directors at its first meeting following the annual electionshall appoint (i) a supervisory committee from the membership which shallconsist of an odd number, not less than three, and (ii) a credit committeefrom the membership which shall consist of an odd number, not less thanthree, or in lieu thereof, appoint one or more loan officers and, in suchinstances, duties and responsibilities of the credit committee shall becarried out by a loan officer or officers. The members may authorize anddirect the board of directors to serve as the credit committee. No member ofthe board of directors or the credit committee shall serve on the supervisorycommittee and no member of the board of directors or the supervisorycommittee shall serve on the credit committee unless authorized by theprovisions of this section. The terms for the members of both committeesshall be as provided in the bylaws.
(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. (Repealed effective October 1, 2010) Board of directors;number; election; term; appointment of supervisory and credit committee.
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, provided that if the term is morethan one year, the bylaws shall establish terms of office so that anapproximately equal number of directors shall be elected each year. Adirector, unless removed from office, shall hold office until a successor iselected and qualified. Directors may serve more than one term. Any vacancyon the board of directors shall be filled until the next annual election byappointment by the remainder of the directors.
D. The board of directors at its first meeting following the annual electionshall appoint (i) a supervisory committee from the membership which shallconsist of an odd number, not less than three, and (ii) a credit committeefrom the membership which shall consist of an odd number, not less thanthree, or in lieu thereof, appoint one or more loan officers and, in suchinstances, duties and responsibilities of the credit committee shall becarried out by a loan officer or officers. The members may authorize anddirect the board of directors to serve as the credit committee. No member ofthe board of directors or the credit committee shall serve on the supervisorycommittee and no member of the board of directors or the supervisorycommittee shall serve on the credit committee unless authorized by theprovisions of this section. The terms for the members of both committeesshall be as provided in the bylaws.
(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. (Repealed effective October 1, 2010) Board of directors;number; election; term; appointment of supervisory and credit committee.
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, provided that if the term is morethan one year, the bylaws shall establish terms of office so that anapproximately equal number of directors shall be elected each year. Adirector, unless removed from office, shall hold office until a successor iselected and qualified. Directors may serve more than one term. Any vacancyon the board of directors shall be filled until the next annual election byappointment by the remainder of the directors.
D. The board of directors at its first meeting following the annual electionshall appoint (i) a supervisory committee from the membership which shallconsist of an odd number, not less than three, and (ii) a credit committeefrom the membership which shall consist of an odd number, not less thanthree, or in lieu thereof, appoint one or more loan officers and, in suchinstances, duties and responsibilities of the credit committee shall becarried out by a loan officer or officers. The members may authorize anddirect the board of directors to serve as the credit committee. No member ofthe board of directors or the credit committee shall serve on the supervisorycommittee and no member of the board of directors or the supervisorycommittee shall serve on the credit committee unless authorized by theprovisions of this section. The terms for the members of both committeesshall be as provided in the bylaws.
(Code 1950, § 6-219; 1966, c. 584, § 6.1-210; 1968, c. 560; 1982, c. 575;1983, c. 301; 1990, c. 373.)
