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The Florida Senate

2002 Florida Statutes

Title XXXVIII BANKS AND BANKING
Chapter 657 CREDIT UNIONS Entire Chapter
SECTION 256
Board of directors.
Section 657.256, Florida Statutes 2002

657.256  Board of directors.--

(1)  The board of directors of the corporation shall consist of not less than five or more than nine persons serving terms as established in the plan of operation. The number of persons comprising the board of directors shall be fixed by the board of directors as established in the plan of operation.

(2)  Vacancies created by expiration of a term of office shall be filled by annual election of the member credit unions. The election shall be in the manner provided by the plan of operation and may be by ballot at an annual meeting or by mail ballot. The annual meeting of the corporation shall be held each year at a time and place fixed by the board of directors in accordance with the plan of operation, and each term of office shall commence immediately following the annual meeting. Vacancies occurring during a term of office shall be filled for the remaining period of the term by election by a majority of the remaining directors.

(3)  In order to be eligible for appointment or selection to the board of directors and for continuing service as a director, a person must have served for at least 2 years as an officer or in a managerial position of a member credit union and must meet such other criteria and qualifications as established in the plan of operation.

(4)  Members of the board may be reimbursed from the assets of the corporation for reasonable and necessary expenses incurred by them as members of the board of directors, but no members of the board shall be compensated for their services.

(5)  All corporate powers shall be exercised by or under the authority of, and the business and affairs of the corporation shall be managed under the direction of, the board of directors.

(6)  The board of directors may elect such officers as the board may determine to be necessary. Officers need not be members of the board.

History.--s. 8, ch. 74-183; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 5, ch. 78-123; ss. 4, 6, ch. 80-258; ss. 2, 3, ch. 81-318; ss. 11, 12, ch. 91-17; ss. 1, 3, ch. 91-307; s. 4, ch. 91-429.