Section 63 of the Principal Act is amended -

(a) in subsection (1) -

(i) by the substitution of the following paragraph for paragraph (b):

"(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,",

and

(ii) by the substitution of "the board of directors shall, subject to subsection (4A), elect" for "the board of directors shall elect",

(b) in subsection (3), by the substitution of "the board of directors may, subject to subsection (4A), by secret ballot elect" for "the board of directors may by secret ballot elect", and

(c) by the insertion of the following subsection after subsection (4):

"(4A) A manager appointed as a director pursuant to section 63A(6) shall not be eligible for election under subsection (1) or (3) or authorisation under subsection (4).".