(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

(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,

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) [deleted]