2021 Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 17 - Credit Unions.
Article 1 - General Provisions.
Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
Section 5-17-10
Election of board of directors, credit committee, and supervisory committee.
At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three members, and shall elect a supervisory committee of not less than three members, all to hold office for such terms respectively as the bylaws provide and until successors qualify. A record of the names and addresses of the members of the board and committees and the officers shall be filed with the Administrator of the Alabama Credit Union Administration not later than 10 calendar days after their election. If, however, the bylaws so provide, the board of directors shall carry out the functions and duties of the credit committee or may appoint a credit committee, in which case the credit union shall not elect a credit committee.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §289; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §11; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
