Section 58-11-32 - Officers. - New Mexico Statutes

58-11-32. Officers.

A.     At an organizational meeting held within thirty days following each annual election, the board of directors shall elect from its own number a chairman, a vice chairman and a secretary. It shall also elect any other board officers that are specified in the bylaws.   

B.     The terms of the board officers shall be one year or until their successors are chosen and have been duly qualified.   

C.     The duties of the board officers shall be prescribed in the bylaws.   

D.     The board of directors shall employ, elect or appoint an executive officer of the credit union who shall be responsible for credit union operations. The executive officer may be a member of the board of directors if not receiving paid compensation as executive officer, but may not be an officer of the board of directors. The executive officer will serve at the pleasure of the board of directors.   

E.     The board of directors may provide for other executive officers and prescribe their duties and authority in the bylaws.   

F.     Notwithstanding any other provisions of the Credit Union Act [58-11-1 NMSA 1978], a credit union may use any titles it chooses for the officials holding the positions described in this section, provided those titles are not misleading.