6.2-1349 - (Effective October 1, 2010) Board of directors; election of officers. - Virginia Statutes

§ 6.2-1349. (Effective October 1, 2010) Board of directors; election ofofficers.

A. At its first meeting after the annual election, the board of directorsshall elect from its own number (i) an executive officer, who may bedesignated as chairman of the board or president; (ii) a vice-chairman of theboard or one or more vice-presidents; (iii) a secretary; and (iv) atreasurer. The same member may simultaneously hold more than one office inthe credit union, if the bylaws so provide. The board of directors shall alsoelect any other officers that are specified in the bylaws.

B. 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.

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

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

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, §6.1-225.32; 2010, c. 794.)