(1) The Principal Act is amended by substituting the following for section 53:
(1) A credit union shall have a board of directors which shall have responsibility for the general control, direction and management of the credit union.
(2) The board of directors of a credit union shall be of sufficient number and expertise to adequately oversee the operations of the credit union.
(3) Except in the circumstances set out in subsection (4), the number of directors shall be specified in the registered rules as set out in section 13 and shall be -
(a) not less than 7,
(b) not more than 11, and
(c) an odd number.
(4) The number of directors of a credit union may be more than 11 or may be an even number if an additional director is appointed under section 95A.
(5) Each director of a credit union shall ensure that he or she has sufficient time to devote to the role of director and the responsibilities associated with that role as indicated by the nomination committee under section 56B(4)(g).
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