§ 14452.5
123 words·~1 min read·
/ca/financial-code/14452-5A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.