§ 19-5-8 - Election and terms of directors. - Rhode Island Statutes

SECTION 19-5-8

   § 19-5-8  Election and terms of directors.– (a) At the annual meeting the members shall elect a board of directors, thenumber of which shall be fixed from time to time by the bylaws, provided,however, that there shall be a minimum of five (5) directors. The directorsshall be elected to staggered three (3) year terms so that one-third (1/3) ofthe whole number, or a close approximation of one-third (1/3), shall be electedat each succeeding annual meeting.

   (b) In case of any increase in the number of directors, thelength of the initial term of the new director(s) shall be determined inaccordance with the requirement that one-third (1/3) of the whole number, or aclose approximation of one-third (1/3), shall be elected at each succeedingannual meeting.

   (c) No more than two (2) employees of the credit union shallbe permitted to serve as members of the board of directors at any one time.