Fin. Code, § 14452.5 · Article 2. Directors
Fin. Code, § 14452.5
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following:
(a) A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.
(b) If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members shall elect a director to hold office until the expiration of the term for which elected.
(c) If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.
Notes and commentary — not statutory text
History
Added by Stats. 1998, Ch. 539, Sec. 22. Effective January 1, 1999.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=FIN§ionNum=14452.5.
- Text hash
- sha256 08721e957e3ff480967fd446a104f35655d69e55db9fd7b2d8148b4412f44626
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
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Corporations Code
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