Sec. 122.055. VACANCIES; REMOVAL. (a) The office of a director becomes vacant if the director dies, resigns, is removed, has been absent from more meetings than the total number of absences permitted by commission rule, or does not possess or maintain the qualifications required to serve on the board.
(b) Unless the bylaws provide otherwise, the remaining directors by majority vote shall fill a vacancy, regardless of whether the remaining directors constitute a quorum. A director elected by the board to fill a vacancy holds office until the next annual membership meeting, at which the position shall be filled for the remainder of the unexpired term by vote of the members.
(c) A director may be removed from office according to the removal procedure provided by the bylaws.
Acts 1997, 75th Leg., ch. 1008, Sec. 1, eff. Sept. 1, 1997. Amended by Acts 2003, 78th Leg., ch. 533, Sec. 18, eff. Sept. 1, 2003.
Structure Texas Statutes
Title 3 - Financial Institutions and Businesses
Chapter 122 - Organizational and Financial Requirements
Section 122.052. Meetings of Members; Voting
Section 122.053. Board of Directors; Terms and Duties
Section 122.054. Qualification of Directors
Section 122.055. Vacancies; Removal
Section 122.056. Honorary or Advisory Directors
Section 122.057. Officers; Executive Committee
Section 122.058. Chief Executive Officer
Section 122.059. Delegation of Management and Loan Approval Authority
Section 122.060. Certificate of Election