Credit Union Act, 1997


Management of Credit Unions


Board of directors.

53.—(1) A credit union shall have a board of directors which shall have responsibility for the general control, direction and management of the affairs, funds and records of the credit union.

(2) The number of directors of a credit union shall be specified in the registered rules and shall be—

(a) not less than seven;

(b) not more than fifteen; and

(c) an odd number.

(3) The first board of directors of a credit union shall be elected from among the members by secret ballot at the organisation meeting of the credit union and, subject to section 57 (4), subsequent vacancies on the board shall be filled from among the members by secret ballot at an annual general meeting.

(4) The term of office of a director—

(a) shall begin at the conclusion of the general meeting at which he is elected;

(b) shall not extend beyond the third subsequent annual general meeting; and

(c) subject to paragraph (b) and subsection (5), shall be such as is determined in accordance with the registered rules;

but, except where the registered rules otherwise provide, a retiring director shall be eligible for re-election.

(5) At each annual general meeting the number of directors whose term of office expires shall, as near as possible, be the same.

(6) Neither a body corporate nor a person who is under the age of 18 may be a director of a credit union.