Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 42

The first board of directors or board of supervisors meeting after the election of new term of directors and supervisors will be called and convened by the incumbent chairman in ten (10) days after the election record has been submitted to the Department of Finance of municipal government or the county (city) government for reference.Where the incumbent chairman of directors or chairman of supervisors fails to call the first board of directors or supervisors meeting past the prescribed period, the director or supervisor receiving the most votes will convene the first meeting. Where the director or supervisor receiving the most votes also fails to convene the first meeting, the meeting may be convened by newly elected directors or supervisors, provided the majority of the new board endorse the action. All actions just mentioned require approval from the Department of Finance of municipal government or the county (city) government.