§ 15351 Officers And Directors Continuity

Financial Code·California

AI SummaryVerified

After a federal credit union converts, the current officers and directors keep their jobs until new ones are elected and qualified.

Key Takeaways

•Current officers and directors remain in office after conversion.
•They serve until their successors are elected and qualified.
•The rule is temporary, lasting only until the new leadership is in place.

Example

A federal credit union changes its charter to become a different type of financial institution.

The people who were already running the credit union stay in charge until the new board members are chosen and officially take office.

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

Official Source

View on CA.gov

§ 15351 Officers And Directors Continuity

The officers and directors of the federal credit union shall be the officers and directors of the credit union after conversion takes effect, to hold office until their successors are elected and qualified. (Added by Stats. 1979, Ch. 112.)

Last verified: January 11, 2026

Key Terms

officers and directors federal credit union conversion

References

Official text at leginfo.legislature.ca.gov
California Legislature. Financial Code. Section 15351.

Key Takeaways

Example

Key Terms

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References

Key Takeaways

Example

Key Terms

Related Statutes

References