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Election of chairman, etc.
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18.—(1) In the period of seven days beginning on the day following the organisation meeting or each annual general meeting, the board of directors of a credit union shall elect by secret ballot from their number four persons who shall be, respectively, chairman, vice-chairman, treasurer and secretary of the credit union.
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(2) Notwithstanding subsection (1) of this section the same person may be elected treasurer and secretary of a credit union.
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(3) A person elected under subsection (1) or (2) of this section shall hold office only until the conclusion of the next following annual general meeting of the credit union.
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(4) The directors may, in order to fill a casual vacancy, at any time and from time to time elect any of their number to be a chairman, vice-chairman, secretary or treasurer of the credit union (or treasurer and secretary thereof), and any person so elected shall hold office only until the conclusion of the next following annual general meeting of the credit union.
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(5) Within fourteen days of the election or appointment of a chairman, vice-chairman, director, secretary, treasurer, or committee member the chairman and secretary shall jointly notify in writing the registrar of the election or appointment, stating in the notification the full name and address of the person elected or appointed.
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(6) It shall be the duty of the secretary to keep minutes of all general meetings of the credit union and of all meetings of the board of directors thereof.
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(7) The treasurer of a credit union shall—
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(a) act as the general manager thereof except where the rules provide otherwise,
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(b) not later than the last day of each month cause to be displayed in the office of the credit union (or elsewhere if the members in general meeting so direct) a financial statement as of the end of the preceding month setting out the income and expenditure of the credit union for the period from the beginning of the current financial year to the end of the said preceding month and containing a balance sheet of the credit union as of the end of the said preceding month.
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(8) The rules shall provide for the signature of at least two officers of the credit union on all conveyances of property of the credit union and on all cheques, drafts, notes and other obligations of the credit union and on all transfers by the credit union of shares or other investments.
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(9) A director of a credit union who is also the chairman, vice-chairman, treasurer or secretary thereof shall, upon ceasing to hold the office of director, also cease to hold the office of chairman, vice-chairman, treasurer or secretary.
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