§ 441 — Qualifications and disqualification of directors; oath of directors

§ 441. Qualifications and disqualification of directors; oath of\ndirectors. 1. At least three-fourths of the directors of the savings and\nloan bank must reside in the state of New York during their term of\noffice, and all must be citizens of the United States. No person shall\nbe elected a director unless he is the owner in good faith and in his\nown right on the books of a member savings and loan association of\nshares having a book value of not less than two hundred dollars and has\nbeen nominated by such member savings and loan association for that\noffice; and every person elected to be a director who, after such\nelection, shall hypothecate, pledge or cease to be the owner in his own\nright of such qualifying shares shall cease to be a director of the\nsavings and loan bank, and his office shall be vacant.\n 2. Each director, when appointed or elected, shall take an oath that\nhe will, so far as the duty devolves upon him, diligently and honestly\nadminister the affairs of the savings and loan bank, and will not\nknowingly violate, or willingly permit to be violated, any of the\nprovisions of law applicable to such corporation and that he is the\nowner in good faith and in his own right on the books of the savings and\nloan association which nominated him of shares having a book value not\nless than two hundred dollars, and that the same is not hypothecated, or\nin any way pledged as security for any loan or debt and, in case of\nre-election that such shares were not hypothecated or in any way pledged\nas security for any loan or debt during his previous term. Such oath\nshall be subscribed by the directors making it, certified by an officer\nauthorized by law to administer oaths, and immediately transmitted to\nthe superintendent.\n