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Amendment of section 56B of Principal Act (nomination committee)
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31. Section 56B of the Principal Act is amended—
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(a) in subsection (2), by the substitution of “3 members or 5 members” for “not less than 3 members and not more than 5 members”,
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(b) in subsection (3), by the insertion of “, other than a member of the board of directors who is also the manager of a credit union,” after “directors of a credit union”,
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(c) in paragraph (j) of subsection (4), by the insertion of “initial” after “following a director’s”, and
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(d) in subsection (7), by the substitution of “the nomination committee shall consider the balance of gender, skills, experience and knowledge” for “the nomination committee shall consider the balance of skills, experience and knowledge”.
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