The board of directors of a credit union shall fill any vacancies occurring in the board until successors elected at the next annual election have qualified. If more than fifty percent of the board positions become vacant at any one time, a special meeting of the members shall be called to fill all vacancies. The supervisory committee shall fill all vacancies in its own membership as they occur. If all of the supervisory committee positions become vacant at any one time, the board of directors shall fill all vacancies, and those appointed members may serve until the next election. The board shall fill vacancies occurring on all other committees.
History: Laws 1987, ch. 311, § 29; 1997, ch. 195, § 20.
Repeals and reenactments. — Laws 1987, Chapter 311 repealed 58-11-29 NMSA 1978, as amended by Laws 1969, ch. 268, § 9, relating to payment from account where no executor or administrator has qualified, effective June 19, 1987, and enacted a new section.
Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment, effective July 1, 1997, deleted a former third sentence which read: "The board shall also fill vacancies in the credit committee, if any."; in the fourth sentence, inserted "supervisory" preceding "committee" and added "and those appointed members may serve until the next election" at the end; and added the fifth sentence.
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