A. The corporation shall have a board of directors consisting of seven persons, six of whom shall be elected by the delegates from among their members, with the remaining director to be elected by the other six directors and to be the chief administrative officer of the corporation. In addition, the commissioner or the director of any supervisory agency or a representative designated by the commissioner and such supervisory agency or agencies shall be an ex-officio member of the board. The articles of incorporation shall, however, designate six directors, other than the chief administrative officer, to serve until the first annual meeting of the corporation. At the first annual meeting, two directors will be elected for a term of one year, two directors for a term of two years and two directors for a term of three years, and thereafter at each annual meeting, two directors will be elected for a term of three years. The chief administrative officer shall be elected annually for a term of one year. All directors shall be sworn and hold office until their successors are qualified. If a person elected does not take the oath of office within thirty days, his office shall become vacant. The directors shall fill any vacancies on the board until the next annual meeting. The directors shall from time to time adopt such rules and regulations as they may deem necessary to effect the purposes of the Credit Union Share Insurance Corporation Act.
B. There shall be a president, vice president, treasurer and secretary of the corporation and an administrator who shall serve as the chief administrative officer and shall function as the seventh director, and such other officers as the board may deem necessary. Officers shall be elected annually by the directors, at a meeting held not more than fifteen days following the adjournment of the annual delegates' meeting. The president and vice president shall be elected from the board. The secretary of the corporation shall be the secretary of the board. The directors may fill any vacancies until the next annual meeting and for causes shown may remove an officer by a two-thirds vote of all directors of the board.
History: 1953 Comp., § 48-19A-5, enacted by Laws 1973, ch. 114, § 5; 1979, ch. 95, § 5.
Cross references. — For meaning of "commissioner", see 58-12-2C NMSA 1978 and notes thereto.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 12 - Credit Union Share Insurance Corporations
Section 58-12-1 - Short title.
Section 58-12-2 - Definitions.
Section 58-12-3 - Formation of corporation; purpose.
Section 58-12-3.1 - Out-of-state members.
Section 58-12-4 - Corporation organization and bylaws.
Section 58-12-5 - Corporation directors and officers.
Section 58-12-6 - Corporation; board meetings.
Section 58-12-7 - Corporation; powers and duties of the board.
Section 58-12-8 - Corporation; termination of membership; penalty.
Section 58-12-9 - Corporation; membership.
Section 58-12-10 - Corporation; assessments.
Section 58-12-11 - Assessments; for operational purposes.
Section 58-12-12 - Financial assistance.
Section 58-12-13 - Dissolution of the corporation.