(1) A credit union shall have a board of directors and a Supervisory Committee.
(2) Not later than one month after the registration of a credit union the signatories to the application to register the credit union under the Principal Act shall summon by notice in writing to a meeting (which shall be known and is in this Act referred to as the organisation meeting) all persons who on the date of issue of the notice were members of the credit union.
(3) The notice required by subsection (2) of this section shall state the date, time and place of the meeting and shall, not later than seven days and not earlier than twenty-one days before the date of the organisation meeting, be handed to each member or posted or sent to him at his address as recorded in the books of the credit union.
(4) The members of a credit union present at the organisation meeting shall elect by secret ballot not less than five members of the credit union to be directors thereof.
(5) At an annual general meeting