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Current as of January 01, 2025 | Updated by Findlaw Staff
If at any time because of the removal of one or more credit union directors under this chapter, the board of directors of a credit union has less than a quorum of directors, all powers and functions vested in or exercisable by the board vest in and are exercisable by the director or directors remaining until such a time as there is a quorum on the board of directors. If all of the directors of a credit union are removed under this chapter, the director of the department of financial institutions shall appoint persons to serve temporarily as directors of the credit union until such a time as their respective successors take office.
Cite this article: FindLaw.com - Washington Revised Code Title 31. Miscellaneous Loan Agencies § 31.12.251. Removal of directors--No quorum - last updated January 01, 2025 | https://codes.findlaw.com/wa/title-31-miscellaneous-loan-agencies/wa-rev-code-31-12-251/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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