                                 CODE OF VIRGINIA

BOARD OF DIRECTORS; ELECTION OF OFFICERS (§ 6.2-1349)

A. At its first meeting after the annual election, the board of directors shall
elect from its own number (i) an executive officer, who may be designated as
chairman of the board or president; (ii) a vice-chairman of the board or one or
more vice-presidents; (iii) a secretary; and (iv) a treasurer. The same member
may simultaneously hold more than one office in the credit union, if the bylaws
so provide. The board of directors shall also elect any other officers that are
specified in the bylaws.

B. The board of directors shall appoint (i) a chief operating officer of the
credit union to be in active charge of its operations and (ii) a financial
officer. The chief operating officer may also serve as the financial officer.

C. The terms of the officers shall be one year or until their successors are
elected and qualified.

D. The duties of the officers shall be as prescribed in the bylaws.

E. A credit union may use any other title it chooses for officers, so long as
such titles are not misleading.

HISTORY: Code 1950, § 6-220; 1964, c. 75; 1966, c. 584, § 6.1-211; 1968, c.
560; 1982, c. 572; 1983, c. 158; 1984, c. 354; 1988, c. 275; 1990, c. 373, §
6.1-225.32; 2010, c. 794.