The Principal Act is amended by inserting the following after section 55 (inserted by section 17):
"55A.
(1) The board of directors of a credit union shall elect one of its number to be the chair of the board, subject to that person being eligible to be chair of a board of directors.
(2) The chair of the board of directors of a credit union may be referred to by whatever title the rules of the credit union provide.
(3) The functions of the chair of a credit union include the following:
(a) ensuring that meetings of the board of directors operate in an efficient and effective manner;
(b) encouraging constructive discussions and debate at board of directors meetings;
(c) promoting effective communications between members of the board of directors and between the board of directors and the management team of the credit union;
(d) causing the agenda to be set by the secretary, attending and chairing board of directors meetings;
(e) ensuring that the responsibilities of the nomination commi
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