6.1-225.32 - (Repealed effective October 1, 2010) Board of directors; election of officers. - Virginia Statutes

§ 6.1-225.32. (Repealed effective October 1, 2010) Board of directors;election of officers.

A. At its first meeting after the annual election, the board of directorsshall elect from its own number an executive officer, who may be designatedas chairman of the board or president; a vice-chairman of the board or one ormore vice-presidents; a secretary and a treasurer. The same member maysimultaneously hold more than one office in the credit union, if the bylawsso provide. They shall also elect any other officers that are specified inthe bylaws.

B. The terms of the officers shall be one year or until their successors areelected and qualified.

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

D. The board of directors shall appoint (i) a chief operating officer of thecredit union to be in active charge of its operations and (ii) a financialofficer. The chief operating officer may also serve as the financial officer.

E. A credit union may use any other title it chooses for officers, so long assuch titles are not misleading.

(Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c. 560;1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373.)