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Amendment of section 53 of Principal Act (board of directors)
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27. Section 53 of the Principal Act is amended—
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(a) in subsection (6), by the substitution of “Subject to section 63A(6), the board of directors” for “The board of directors”,
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(b) in paragraph (a) of subsection (10), by the substitution of “an employee or voluntary assistant of the credit union (other than the manager)” for “an employee or voluntary assistant of the credit union”,
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(c) in subsection (14), by the substitution of “A director of a credit union (other than the chair of the board of directors of the credit union)” for “Directors of a credit union”, and
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(d) in subsection (17), by the substitution of “to the Bank and, in the case of a credit union other than a corporate credit union, the board oversight committee” for “to the Bank and the board oversight committee.”.
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