A vacancy on the board of directors shall be filled in accordance with Section 7224 of the Corporations Code, subject to the following:
(a)
A vacancy that exists due to the expiration of the term of a director shall be filled only by the members of a credit union.
(b)
If the board of directors elects a director to fill a vacancy, the director so elected shall hold office only until the next annual meeting at which time the members
shall elect a director to hold office until the expiration of the term for which elected.
(c)
If the members elect a director to fill a vacancy, the director so elected shall hold office until the expiration of the term for which elected.