63.—F161[(1) At a meeting of the board of directors of a credit union—

(a) which is held immediately after the organisation meeting, an annual general meeting or special general meeting at which an election is held for members of the board of directors, and

F162[(b) which is—

(i) in the case of a credit union other than a corporate credit union, chaired by a member of the board oversight committee, and

(ii) in the case of a corporate credit union, chaired by a member of the board of directors,]

F162[the board of directors shall, subject to subsection (4A), elect] by secret ballot directors to fill such of the principal posts in the credit union as are then vacant; and, for the purposes of this section, the principal posts in a credit union are the posts of chair, vice-chair and secretary.]

(2) F163[…]

(3) In the event of a casual vacancy in a principal post, F162[the board of directors may, subject to subsection (4A),] elect a director to hold that post until the next meeting at which, in accordance with subsection (1), an election should be held to fill any vacancy in the principal posts.

(4) Without prejudice to subsection (3), if a principal post falls vacant or for any other reason there is no holder of a principal post, anything that is required or authorised to be done by the holder of that post may be done by a director authorised in that behalf by the board of directors.

F164[(4A) A manager appointed as a director pursuant to section 63A(6) shall not be eligible for election under subsection (1) or (3) or authorisation under subsection (4).]

F165[(5) The chair or secretary of a credit union shall notify the Bank in writing of the election, appointment, retirement, removal or resignation from office of chair, vice-chair, director, secretary, or committee member and the notification shall—

(a) be made within 14 days of the election, appointment, retirement, removal or resignation, and

(b) state the full name and address of the officer concerned.]

(6) F166[…]