370.190. Directors to elect officers--duties established by board or bylaws. - Missouri Statutes

Directors to elect officers--duties established by board orbylaws.

370.190. 1. At the first meeting, and at each firstmeeting in the fiscal year, the board of directors shall electfrom their own number a president, vice president, secretary andtreasurer. If the bylaws so provide, the offices of secretaryand treasurer may be held by the same person.

2. Where the credit union bylaws so provide, the board ofdirectors, in lieu of the officers specified in subsection 1,shall elect from their own number a chairman of the board ofdirectors, a vice chairman, a secretary and a treasurer; andfurther shall designate such administrative officers including apresident of the credit union and a vice president as the bylawsmay provide. In the event the bylaws of a credit union providefor the designation of officers as provided in this subsection,where in this chapter there is a reference to a "president" and"vice president", for such a credit union, the reference shall beunderstood to be to "chairman of the board" and "vice chairman ofthe board"; and the word "manager" shall be understood to referto a "president".

3. The duties of the officers shall be prescribed by theboard of directors unless otherwise specified in the bylaws.

(RSMo 1939 § 5529, A.L. 1982 H.B. 1099, A.L. 1994 H.B. 1312)

Prior revision: 1929 § 5087