533.204 Election of board.
170 words·~1 min read·
/ia/chapter-533-credit-unions/533-204·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
1. At the organizational meeting, and at each annual meeting after initial organization, a board of directors shall be elected to hold office. The board shall consist of at least seven members, but in every instance shall be composed of an odd number of directors. The directors shall serve staggered terms of three years, as the bylaws provide, so that an approximately equal number of terms expire at each annual meeting. A director shall serve until a successor is elected and qualified.
2. At each annual meeting, one member shall be elected to fill each position vacated by reason of an expiring term or other cause.
3. The board of directors shall allow members to vote on the election of directors according to the provisions of section 533.203.
4. A record of the names and addresses of the directors, officers, and committee persons shall be filed with the superintendent within ten days following each election or any other change in the directors, officers, or committee persons.
Referred to in §533.205