1968-HKRS29-8-35_Part02 — Page 40

Election and tenure of office of board of directors and committees.

Meetings of board and committees, and appointment of officers and procedure.

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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 mem- ber of the credit committes.

(3) The directors and committee members who shall retire în any year shall be those who have been longest in office since their last clection: as between persons who became directors or com- mittee members on the same day, those who shall retire shall (unless they otherwise agree among themselves) be determined by fot.

(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 appoint- ment 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 be is appointed was last clected.

29. (1) Immediately following its election the board shall bold 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.

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(2) The supervisory committee and the credit committee sball 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 kast 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 committes, 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 committes or the supervisory committee shall be as provided by the by-laws.

30. The persons for the time being appointed to the offices referred to in section 29 shall be the officers of the credit union concerned.

31. (1) No member of the supervisory committee may be a director of the board or a member of the credit committee.

(2) Neither the president nor the treasurer of the board nor more than one director of a credit union may be a member of the credit committee thereof.

31. No director or member of either committee of a credit union shall, as such, receive remuneration from that credit union:

Provided that the treasurer may be paid such remuneration as may be determined at an annual meeting of the credit union.

PART V.

MANAGEMENT.

Powers and duties of board.

33. (1) The board of a credit union shall have the general management of the affairs, funds and records of the credit union and, except where a contrary intention appears, shall exercise and

Officers of a credit union.

Composition of the committees.

Remuneration.

Powers and duties of the board