26-2115. OFFICERS. (1) Within ten (10) days following the organizational meeting and after each annual membership meeting, the board shall elect from among its members a chair of the board, one (1) or more than one (1) vice-chair and a secretary. The board shall also elect other board officers as provided for in the credit union’s bylaws for transacting the business of the board of the credit union. The terms of the board officers shall be one (1) year or until their successors are qualified and elected, unless sooner removed as provided in this chapter. All board officers must be elected members of the board.

(2) The chair and secretary shall execute a certificate of election on a form approved by the department of finance, which certificate shall set forth the names and addresses of the officers, members of the board of directors and committee members elected or appointed. One (1) copy of the certificate of election shall be filed with the department of finance within ten (10) days after such election or appointment.

(3) The board may designate as many operating officers as it deems necessary for conducting the business of the credit union including, but not limited to, a president or chief executive officer who shall be in charge of the credit union’s day-to-day operations.

(4) A credit union may use any titles it chooses for the officials holding the positions described in this section as long as such titles are not misleading.

History:

[26-2115, added 2018, ch. 165, sec. 10, p. 333.]