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HomeFinancial CodeDiv. 5Ch. 4Art. 4§ 14555 Credit Union Committee Removal

§ 14555 Credit Union Committee Removal

Financial Code·California
AI Summary·Official Text·Key Terms·Related Statutes·References
AI SummaryVerified

§ 14555 Credit Union Committee Removal

This law says that if the group watching over a credit union isn't doing their job right, the boss can kick them all out and make the credit union hold a special meeting to pick a new group.

Key Takeaways

  • •If the supervisory committee of a credit union isn't doing their job, they can all be removed.
  • •The boss (commissioner) can make the credit union hold a special meeting to pick a new group.
  • •The new group will work until the next regular yearly meeting.

Example

Imagine a credit union where the people supposed to watch over things (like making sure money is handled correctly) are not doing their job.

The boss (commissioner) can say 'You're all fired!' and make the credit union hold a special meeting so the members can pick a new group to do the job right.

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

Official Source
View on CA.gov

§ 14555 Credit Union Committee Removal

The commissioner may, after investigation and finding that the supervisory committee is not performing in conformance with this article, declare all offices of the supervisory committee of a credit union vacant and shall direct the board of directors of the credit union to call a special meeting of the members for the purpose of electing a new supervisory committee to serve until the next regular annual meeting. (Amended by Stats. 1979, Ch. 811.)

Last verified: January 11, 2026

Key Terms

commissionersupervisory committeecredit unionspecial meeting

Related Statutes

  • § 14550 Credit Union Supervisory Committee
  • § 14552 Suspension Notice And Meeting
  • § 14404 Credit Union Investment Limits
  • § 14407 Credit Union Shareholder Loss Reduction
  • § 14409 Credit Union Bond Requirements

References

  • Official text at leginfo.legislature.ca.gov
  • California Legislature. Financial Code. Section 14555.
View Official Source