(a)(1) A board of directors shall:
(A) Consist of an odd number of directors;
(B) Be at least 5 in number; and
(C) Be elected by and from natural person members.
(2) A District credit union's bylaws shall set forth the qualifications for nomination to the board.
(b) All members of the board of directors shall hold office for the terms provided for in the bylaws. Terms may be staggered so that an approximately equal number of terms expire each year.
(c) A director shall hold office for the term for which the director was elected and until a successor is elected and qualified.
(May 6, 2020, D.C. Law 23-86, § 502, 67 DCR 3476.)
Structure District of Columbia Code
Title 26 - Banks and Other Financial Institutions
Subchapter I - Credit Union Act of 2020
Part E - Credit Union Governance
§ 26–505.01. Authority and duty of a board of directors
§ 26–505.02. Election of a board of directors
§ 26–505.03. Appointment of committees
§ 26–505.05. Compensation of officials
§ 26–505.06. Limited liability of directors and officers
§ 26–505.07. Conflicts of interest