17-5312. Directors; qualifications.
17-5312
17-5312. Directors; qualifications.
In order to qualify as a director a member of an association must hold
unpledged shares, the participation value of which is at least $200:
Provided, That if the assets of the association exceed $500,000, such
member must hold shares the participation value of which is at least $500:
And provided further, If the assets exceed $2,500,000 the
participation value of such shares must be at least $1,000. A director
shall cease to be a director when he ceases to be a member, or when he
becomes delinquent in any manner upon any payments due from him to the
association on loan or home purchase contracts, or ceases to hold unpledged
shares, as hereinbefore provided for him to qualify as such director, and
his office shall automatically become vacant, provided no action of the
board of directors shall be invalidated through the participation of such
director in such action.
History: L. 1943, ch. 133, § 41; July 1.