Section 370.190

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 370

Effective - 28 Aug 1994, 2 histories, see footnote   (history) 

  370.190.  Directors to elect officers — duties established by board or bylaws. — 1.  At the first meeting, and at each first meeting in the fiscal year, the board of directors shall elect from their own number a president, vice president, secretary and treasurer.  If the bylaws so provide, the offices of secretary and treasurer may be held by the same person.

  2.  Where the credit union bylaws so provide, the board of directors, in lieu of the officers specified in subsection 1, shall elect from their own number a chairman of the board of directors, a vice chairman, a secretary and a treasurer; and further shall designate such administrative officers including a president of the credit union and a vice president as the bylaws may provide.  In the event the bylaws of a credit union provide for the designation of officers as provided in this subsection, where in this chapter there is a reference to a "president" and "vice president", for such a credit union, the reference shall be understood to be to "chairman of the board" and "vice chairman of the board"; and the word "manager" shall be understood to refer to a "president".

  3.  The duties of the officers shall be prescribed by the board of directors unless otherwise specified in the bylaws.

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(RSMo 1939 § 5529, A.L. 1982 H.B. 1099, A.L. 1994 H.B. 1312)

Prior revision: 1929 § 5087