Iowa Code § 533.204
Election of board
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2014
As of January 1, 2012
1. At the organizational meeting, a board of directors of not less than nine members shall be elected to hold office for such terms as the bylaws provide and until successors are elected and qualified.
1. At the organizational meeting, and at each annual meeting after initial organization, a board of directors shall be elected to hold office. The board shall consist of at least seven members, but in every instance shall be composed of an odd number of directors. The directors shall serve staggered terms of three years, as the bylaws provide, so that an approximately equal number of terms expire at each annual meeting. A director shall serve until a successor is elected and qualified.
2. At each annual meeting, one member shall be elected to fill each position vacated by reason of an expiring term or other cause.
2. At each annual meeting, one member shall be elected to fill each position vacated by reason of an expiring term or other cause.
3. Pursuant to rules adopted by the superintendent, state credit unions may allow members to vote on the election of directors via electronic means including but not limited to the internet or telephone.
3. The board of directors shall allow members to vote on the election of directors according to the provisions of section 533.203.
4. A record of the names and addresses of the directors, officers, and committee persons shall be filed with the superintendent within ten days following each election.
4. A record of the names and addresses of the directors, officers, and committee persons shall be filed with the superintendent within ten days following each election or any other change in the directors, officers, or committee persons.
5. a. A state credit union wishing to maintain a board of directors of less than nine members may apply to the superintendent for permission to reduce the required number of directors. An application to reduce the required number of directors under this subsection must demonstrate both of the following:
(1) The application is necessitated by a hardship or other special circumstance.
(2) A lesser number of directors is in the best interest of the state credit union and its members.
b. In no event shall the superintendent allow a state credit union to maintain fewer than seven directors on a state credit union board.
Subsection 5 amended
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.