§ 398-A — Forfeiture of office of director

New York § 398-A

• Jurisdiction: New York
• Law BNK: Banking
• Art. 10: Savings and Loan Associations

Text

§ 398-a. Forfeiture of office of director. The office of a director of\na savings and loan association shall become vacant whenever he shall\nhave failed to attend the regular meetings of the board of directors and\nalso of any committee of the board of which he is a member, for a period\nof six successive months, unless excused by the board for such failure\nby resolution adopted at the first or second regular meeting of the\nboard after expiration of such six months period, and entered upon its\nminutes. A copy of such resolution shall be transmitted to the\nsuperintendent by the savings and loan association within five days\nafter its adoption. A director who has vacated his office by reason of\nsuch failure to attend meetings shall not be eligible for re-election as\na director until the expiration of one year from the date of the first\nregular meeting of the board at which a resolution could have been\nadopted by it, as herein provided, to excuse such failure.\n