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Section 14452.5 Of Article 2. Directors From California Financial Code >> Division 5. >> Chapter 4. >> Article 2.
14452.5
. A vacancy on the board of directors shall be filled in
accordance with Section 7224 of the Corporations Code, subject to the
following:
(a) A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.
(b) If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members shall elect a director to hold office until the expiration of the term for which elected.
(c) If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.
(a) A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.
(b) If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members shall elect a director to hold office until the expiration of the term for which elected.
(c) If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.
