(1) The board oversight committee of a credit union shall be elected -

(a) where the organisation meeting occurs after the commencement of this provision, from among the members, by secret ballot at the organisation meeting and, subject to section 76R(4), subsequent vacancies on the board oversight committee shall be filled, from among the members, by secret ballot at an annual general meeting,

(b) in any other case, from among the members, by secret ballot at the annual general meeting first occurring after the commencement of this provision or, if earlier than that annual general meeting, at a special general meeting called for the purpose of such ballot and, subject to section 76R(4), subsequent vacancies on the board oversight committee shall be filled, from among the members, by secret ballot at an annual general meeting.

(2) If a casual vacancy arises in the membership of a board oversight committee, then -

(a) within one month of the vacancy arising, the Committee shall appoint a person (who may, if the Committee thinks fit, be a former member of the Committee) other than a person to whom subsection (4), (5) or (6) relates to fill the vacancy, and