Credit Union Act, 1997

Directors: procedural provisions.

54.—(1) The board of directors shall meet as often as may be necessary for the proper discharge of its business provided that—

(a) the board shall endeavour to meet once a month but, as a minimum, shall hold not less than ten meetings in any year; and

(b) the interval between any two meetings of the board shall not be greater than six weeks.

(2) The secretary of a credit union shall keep minutes of all meetings of the board of directors.

(3) Subject to section 53 (6) and subsection (4), the board of directors may at any time and from time to time appoint a member of the credit union (including a former director) to be a director to fill a casual vacancy.

(4) A director appointed under subsection (3) shall hold office from the date of the appointment to the next following annual general meeting of the credit union or, if it is earlier, the next special general meeting at which an election is held for members of the board of directors.

(5) Where the secretary of a credit union becomes aware that all the directors of the credit union intend to resign on the same date, he shall give written notice of their intention to the Registrar and the Supervisory Committee.

(6) If the secretary of a credit union fails to comply with subsection (5), he shall be guilty of an offence.