§ 19-5-8. Election and terms of directors.
(a) At the annual meeting, the members shall elect a board of directors, the number of which shall be fixed from time to time by the bylaws, provided, however, that there shall be a minimum of five (5) directors. The directors shall be elected to staggered three (3) year terms so that one-third (⅓) of the whole number, or a close approximation of one-third (⅓), shall be elected at each succeeding annual meeting.
(b) In case of any increase in the number of directors, the length of the initial term of the new director(s) shall be determined in accordance with the requirement that one-third (⅓) of the whole number, or a close approximation of one-third (⅓), shall be elected at each succeeding annual meeting.
(c) No more than two (2) employees of the credit union shall be permitted to serve as members of the board of directors at any one time.
History of Section.P.L. 1995, ch. 82, § 43; P.L. 2001, ch. 369, § 2.
Structure Rhode Island General Laws
Title 19 - Financial Institutions
Section 19-5-1. - “Credit union” defined.
Section 19-5-2. - Incorporation.
Section 19-5-3. - Membership of credit unions.
Section 19-5-4. - Contents of bylaws.
Section 19-5-5. - Shares or deposits held jointly.
Section 19-5-6. - Demand deposits.
Section 19-5-7. - Voting rights.
Section 19-5-8. - Election and terms of directors.
Section 19-5-9. - Appointments and terms of supervisory committee members.
Section 19-5-10. - Credit committee.
Section 19-5-11. - Duplication of office prohibited — Oaths of office — Record of qualification.
Section 19-5-12. - Powers and duties of directors.
Section 19-5-13. - Loan applications.
Section 19-5-14. - Powers and duties of supervisory committee.
Section 19-5-15. - Investment of funds — Powers.
Section 19-5-15.1. - Purchase, sale and pledge of eligible obligations and assets.
Section 19-5-16. - Maximum aggregate liability of one person or company.
Section 19-5-17. - Compensation or loans to officers.
Section 19-5-18. - Expulsion of members.
Section 19-5-20. - Regular reserve.
Section 19-5-21. - Destruction of records.
Section 19-5-22. - Tax on deposits.
Section 19-5-23. - Conversion.
Section 19-5-25. - Exercise of same powers as federal credit unions.
Section 19-5-26. - Liquidity reserves.
Section 19-5-27. - Interstate credit unions.