(1) A director of a credit union shall hold office for such period as the rules may provide, not exceeding that ending with the conclusion of the third next annual general meeting held after that at which he was elected.
(2) The board of directors may at any time and from time to time appoint any member of the credit union to be a director to fill a casual vacancy and any director so appointed shall hold office only until the conclusion of the next following annual general meeting.
(3) Except where the rules provide otherwise, a person shall not be eligible for re-election or appointment to the board of directors until one year has elapsed since he last held office as a director.