These Regulations are enacted pursuant to Paragraph 5, Article 16 of the Credit Cooperatives Act (referred to as the “Act” hereunder).

The qualifications and election of a credit cooperative’s member representatives, directors, supervisors, chairman of directors, and chairman of supervisors as well as the qualifications and appointment of its president, vice presidents, chief auditor, assistant vice presidents, and head office and branch managers shall comply with the Regulations herein. For matters not specified herein, other relevant regulations shall govern.
The election referred to in the preceding paragraph shall be conducted uniformly by voting.