1968 Ed.]
Credit Unions.
[CAP. 119
13
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(4) A retiring director or committee member shall be eligible for re-election.
(5) At the annual meeting at which a director or committee member retires under subsection (2) the credit union shall fill the vacated office by electing a person thereto from among its members.
(6) Any vacancy occurring-
(a) on the board or the credit committee, shall be filled by appointment by the board within fourteen days of the occurrence of such vacancy; or
(b) on the supervisory committee, shall be filled by appointment by that committee within fourteen days of the occurrence of such vacancy.
(7) Where an appointment is made under subsection (6) other than for the purpose of filling a temporary vacancy caused through illness, absence from the Colony or any other cause, the person so appointed shall retire at the same time as if he had become a director or committee member, as the case may be, on the day on which the person in whose place he is appointed was last elected.
29. (1) Immediately following its election the board shall hold its first meeting and thereat shall appoint from among its members a president, a vice-president, a treasurer and a secretary:
Provided that the board may appoint one person to perform the functions of both treasurer and secretary.
(2) The supervisory committee and the credit committee shall hold their first meetings immediately after election and shall appoint for each committee-
(a) a chairman, who shall preside at the meetings of the committee; and
(b) a secretary.
(3) Subsequent meetings of the board and of each committee shall be held at least once in every month and at such other times as may be considered necessary by the president, in the case of the board, or by the chairman, in the case of each committee, or as may be provided in the by-laws.
(4) If the president and vice-president are both absent from any meeting of the board, the members present may appoint one of themselves to preside at the meeting.
(5) If the chairman is absent from any meeting of the supervisory committee or the credit committee, the members present may appoint one of themselves to preside at the meeting.
(6) The number of members which shall constitute a quorum at a meeting of the board, the credit committee or the supervisory committee shall be as provided by the by-laws.
Meetings of board and committees, and appointment of officers and procedure.