A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following:
(a) A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.
(b) If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members shall elect a director to hold office until the expiration of the term for which elected.
(c) If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.
(Added by Stats. 1998, Ch. 539, Sec. 22. Effective January 1, 1999.)