Section 723.252 - Election of directors and appointment of credit committee and credit manager(1) A credit union must be directed by a board that consists of an odd number of directors, at least five in number, who are elected by and from the credit union's members in the manner provided in the credit union's bylaws. Members of the board hold office for such terms as the bylaws provide.(2) The board of directors shall appoint a supervisory committee of not less than three members at the organizational meeting and within 60 days following each annual meeting of the members for such terms as the bylaws provide.(3) The board of directors shall appoint a credit committee that consists of an odd number not less than three for such terms as the bylaws provide. The members of the credit union may instead elect the members of the credit committee from among the membership of the credit union at the annual members' meeting. In lieu of the credit committee, the board of directors may appoint a credit manager.(4) The board of directors may appoint temporary or successor directors or temporary or successor credit committee or supervisory committee members to serve in place of absent directors or committee members. 1975 c.652 §25; 1997 c.832 §4; 2009 c. 234, § 5