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Amendment of section 63 of Principal Act (officers: principal posts)
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33. Section 63 of the Principal Act is amended—
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(a) in subsection (1)—
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(i) by the substitution of the following paragraph for paragraph (b):
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“(b) which is—
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(i) in the case of a credit union other than a corporate credit union, chaired by a member of the board oversight committee, and
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(ii) in the case of a corporate credit union, chaired by a member of the board of directors,”,
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and
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(ii) by the substitution of “the board of directors shall, subject to subsection (4A), elect” for “the board of directors shall elect”,
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(b) in subsection (3), by the substitution of “the board of directors may, subject to subsection (4A), by secret ballot elect” for “the board of directors may by secret ballot elect”, and
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(c) by the insertion of the following subsection after subsection (4):
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“(4A) A manager appointed as a director pursuant to section 63A(6) shall not be eligible for election under subsection (1) or (3) or authorisation under subsection (4).”.
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