§ 14450 Credit Union Board Requirements

Financial Code·California

AI SummaryVerified

This law says a credit union must have a board with at least five members, all of whom must be part of the credit union, and they are chosen by the members every year.

Key Takeaways

•The board must have an odd number of members, at least five.
•Every board member must be a member of the credit union.
•The members of the credit union choose the board every year.

Example

A small credit union has only three people on its board.

This is against the law because the board must have at least five members who are also part of the credit union.

AI-generated — May contain errors. Not legal advice. Always verify source.

Official Source

View on CA.gov

§ 14450 Credit Union Board Requirements

The credit union shall be directed by a board consisting of an odd number of directors, at least five in number, each of whom shall be a member of the credit union in his own right, to be elected by the members at their annual meeting. (Amended by Stats. 1979, Ch. 811.)

Last verified: January 11, 2026

Key Terms

credit union board of directors odd number of directors annual meeting

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 14450.

Key Takeaways

Example

Key Terms

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Key Takeaways

Example

Key Terms

Related Statutes

References