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Officers: principal posts.
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63.—(1) At a meeting of the board of directors of a credit union—
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(a) which is held immediately after the organisation meeting, an annual general meeting or special general meeting at which an election is held for members of the board of directors, and
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(b) which is chaired by a member of the Supervisory Committee,
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the board shall elect by secret ballot directors to fill such of the principal posts in the credit union as are then vacant; and, for the purposes of this section, the principal posts in a credit union are the posts of chairman (or president), vice-chairman (or vice-president), treasurer and secretary.
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(2) The registered rules shall ensure that the term of office of the holder of a principal post shall come to an end not later than the third annual general meeting after the meeting at which he is elected to that post; and, unless the registered rules provide otherwise, a person who has been the holder of a principal post shall not be eligible for re-election to that post until after the expiry of one year since he last held it.
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(3) In the event of a casual vacancy in a principal post, the board of directors may by secret ballot elect a director to hold that post until the next meeting at which, in accordance with subsection (1), an election should be held to fill any vacancy in the principal posts.
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(4) Without prejudice to subsection (3), if a principal post falls vacant or for any other reason there is no holder of a principal post, anything that is required or authorised to be done by the holder of that post may be done by a director authorised in that behalf by the board of directors.
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(5) The chairman (or president) or secretary of a credit union shall notify the Registrar in writing of the election, appointment, retirement, removal or resignation from office of a chairman (or president), vice-chairman (or vice-president), director, secretary, treasurer or committee member and the notification shall—
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(a) be made within fourteen days of the election, appointment, retirement, removal or resignation; and
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(b) state the full name and address of the officer concerned.
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(6) The chairman (or president) or secretary of a credit union who fails to make a notification referred to in subsection (5) shall be guilty of an offence.
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