Officers - Management And Operations - Financial - CA

Section § 14500

This section outlines the required officers for every credit union, which must include a chairman or president, vice chairmen or vice presidents, a secretary, and a treasurer or chief financial officer. Additionally, credit unions can have other officers as specified in their bylaws or decided by the board for running its operations effectively. The president, or the chairman if there's no president, is usually the general manager and CEO, unless the bylaws state otherwise.

Officers apart from those mentioned in the required list are chosen by the board and serve at the board's discretion, subject to any employment contract terms. Officers can resign anytime with written notice, without affecting any contractual obligations. Also, officers apart from the required ones don't have to be directors of the credit union.

(a) The officers of every credit union shall include a chairman or president, one or more vice chairmen or vice presidents, a secretary and a treasurer or chief financial officer.

(b) The officers of any credit union may include other officers with titles and duties specified in the bylaws or determined by resolution of the board as may be necessary for the conduct of its affairs. The president, or if there is no president, the chairman of the board, is the general manager and chief executive officer of the credit union, unless otherwise provided in the bylaws.

(c) Except as otherwise provided in a credit union’s bylaws, officers, other than those officers elected pursuant to Section 14454 and required pursuant to subdivision (a), shall be chosen by the board and serve at the pleasure of the board, subject to the rights, if any, of an officer under any contract of employment. Any officer may resign at any time upon written notice to the corporation without prejudice to the rights, if any, of the corporation under any contract or obligation with the credit union to which the officer is a party. An officer other than those officers required pursuant to subdivision (a), may, but need not be, a director of the credit union.

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Section § 14501

This law says that if the company's bylaws allow it, the directors can choose the same person to be both the secretary and the treasurer or the chief financial officer (CFO).

If the bylaws so provide, the directors may elect the same person as secretary and treasurer or chief financial officer.

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