Regulations Governing the Qualifications and Election/Appointment of Membership Representatives, Directors, Supervisors and Managerial Officers of Credit Cooperatives Article 44

Where there is a vacancy on the board of directors or supervisors, the alternate in line, if any, will fill the vacancy; the vacancy left by a professionally qualified director shall be filled by an alternate director having the same qualification. Vacancies filled shall be reported to the Department of Finance of municipal government or the county (city) government for reference.Except when the number of directors or supervisors fails to reach half of the number of seats prescribed in the articles of incorporation that a by-election must be held in two months from the date the vacancy appears, a credit cooperative has the discretion to decide whether to hold a by-election when not all vacancies on the board of directors or supervisors have been filled. The number of vacancy left by a director who meets the qualifications provided in Article 9 herein shall be counted separately and handled in accordance with the provisions of Article 39 herein. If the number of directors is less than three, or if no supervisors take office, the central competent authority may assign people to fill the vacancies and act in the capacity of director or supervisor until the by-election is completed.In the event the office of chairman of directors or chairman of supervisors becomes vacant, a board of directors or supervisors meeting shall be held immediately under a petition endorsed by a majority of the board for the election of a new chairman. Such a meeting shall be reported to the Department of Finance of municipal government or the county (city) government in advance.