A new board will replace the former leaders of the credit union following the meeting last night.
Oliver Baines, who led the move to oust the previous board, confirmed to the West Briton that members voted overwhelmingly in favour of a new board.
Mr Baines said: "The membership have endorsed a recovery plan for a new union and appointed a new board."
The new board will now have to be authoriesd by the Financial Services Authority.
Tuesday, January 29
Crisis talks are being held to try and save a Cornish credit union which has been struggling on the brink of collapse for more than a year.
In October last year Cornish Community Banking reported it had been operating in the red for more than a year - and warned it was near to insolvency and some of its 2,600 members had been unable to get loans they were relying on.
It had received "considerable external funding" which had kept them going but this had been cut.
Cornwall Council said that the organisation had previously received grant funding for a set period of time designed to help it 'grow' into a self-sustaining business. This funding has now ended.
In November 2012, the board proposed a merger with Redruth-based Kernow Credit Union Ltd, but the proposal was overwhelmingly rejected by the members.
The board of CCB then informed the Financial Services Agency (FSA) that CCB was no longer able to trade due to imminent insolvency.
Members will have their savings protected under the terms of the Financial Services Compensation Scheme. Borrowers would continue to repay their loans to CCB in the normal way.
Now members are being asked to attend an emergency meeting in Truro Town Hall tonight.
The board of Cornish Community Banking has been unavailable for comment.
The Financial Services Authority (FSA) said it was prohibited from commenting on its involvement in an individual institutions.