12
CAP. 119]
Credit Unions.
[1968 Ed.
Voting.
First meeting.
Election and tenure of office of board of directors and committees.
(2) Subject to this Ordinance, special meetings of the members may be called at the times and in the manner provided in the by-laws.
(3) Where in any case, due to the nature of the common occupation or employment of the persons forming a credit union, it is not practicable for all the members thereof to be present at the same instance at its annual or special meetings, substitute meetings of members may be held on two separate occasions in the manner provided in the by-laws, and meetings so held shall together be deemed to be annual or special meetings, whichever is appropriate.
(4) Subject to section 26, the voting and the procedure at annual and special meetings shall be in accordance with the by-laws.
26. (1) No member shall have more than one vote at any annual or special meeting and no voting by proxy shall be allowed thereat.
(2) Voting at an election of members to the board, the supervisory committee or the credit committee of a credit union shall be by secret ballot.
27. (1) The provisional secretary of a credit union shall, within ten days after the receipt by him of the certificate of registration issued in accordance with section 5, notify each of the members of the credit union that he has received it and shall summon the first meeting of the members, which shall be held within fourteen days of the date of his receipt of the certificate.
(2) For the purposes of subsection (1), the body of persons which has been registered as a credit union under section 5 shall be deemed to be the members of the credit union.
28. (1) At its first meeting after registration, a credit union shall elect from among its members-
(a) a board consisting of five directors or of such greater number, not exceeding fifteen, as may be provided in the by-laws;
(b) a supervisory committee consisting of three members; and
(c) a credit committee consisting of three members.
(2) At the annual meeting in every subsequent financial year there shall retire from office the number nearest one-third of the directors, one member of the supervisory committee and one member of the credit committee.
(3) The directors and committee members who shall retire in any year shall be those who have been longest in office since their last election; as between persons who became directors or committee members on the same day, those who shall retire shall (unless they otherwise agree among themselves) be determined by lot.