Credit Union Act, 1997

Officers: principal posts.

63.—(1) At a meeting of the board of directors of a credit union—

(a) which is held immediately after the organisation meeting, an annual general meeting or special general meeting at which an election is held for members of the board of directors, and

(b) which is chaired by a member of the Supervisory Committee,

the board shall elect by secret ballot directors to fill such of the principal posts in the credit union as are then vacant; and, for the purposes of this section, the principal posts in a credit union are the posts of chairman (or president), vice-chairman (or vice-president), treasurer and secretary.

(2) The registered rules shall ensure that the term of office of the holder of a principal post shall come to an end not later than the third annual general meeting after the meeting at which he is elected to that post; and, unless the registered rules provide otherwise, a person who has been the holder of a principal post shall not be eligible for re-election to that post until after the expiry of one year since he last held it.

(3) In the event of a casual vacancy in a principal post, the board of directors may by secret ballot elect a director to hold that post until the next meeting at which, in accordance with subsection (1), an election should be held to fill any vacancy in the principal posts.

(4) Without prejudice to subsection (3), if a principal post falls vacant or for any other reason there is no holder of a principal post, anything that is required or authorised to be done by the holder of that post may be done by a director authorised in that behalf by the board of directors.

(5) The chairman (or president) or secretary of a credit union shall notify the Registrar in writing of the election, appointment, retirement, removal or resignation from office of a chairman (or president), vice-chairman (or vice-president), director, secretary, treasurer or committee member and the notification shall—

(a) be made within fourteen days of the election, appointment, retirement, removal or resignation; and

(b) state the full name and address of the officer concerned.

(6) The chairman (or president) or secretary of a credit union who fails to make a notification referred to in subsection (5) shall be guilty of an offence.