Rules of practice; remainder of board of directors.

CFR · 2024-01-01 · US · Title 12

Except as otherwise specifically provided in this subpart, the following provisions shall apply to proceedings conducted under this subpart: (a)(1) (2) (b)(1) (2) (c)(1) (2) (d) (e) (2) In the event all of the directors of an insured credit union are suspended pursuant to this subpart, the NCUA Board shall appoint persons to serve temporarily as directors in their place pending the termination of such suspensions, or until such time as those who have been suspended cease to be directors of the credit union and their respective successors have been elected by the members at an annual or special meeting and have taken office. (3) Directors appointed temporarily by the NCUA Board pursuant to paragraph (e)(2) of this section, shall, within 30 days following their appointment, call a special meeting for the election of new directors, unless during such 30-day period— (i) The regular annual meeting is convened; or (ii) The suspensions giving rise to the appointment of temporary directors are terminated.

official document · source cfr-2024 · id 12:§ 747.302