17-5312.   Directors; qualifications.In order to qualify as a director a member of an association must holdunpledged shares, the participation value of which is at least $200:Provided, That if the assets of the association exceed $500,000, suchmember must hold shares the participation value of which is at least $500:And provided further, If the assets exceed $2,500,000 theparticipation value of such shares must be at least $1,000. A directorshall cease to be a director when he ceases to be a member, or when hebecomes delinquent in any manner upon any payments due from him to theassociation on loan or home purchase contracts, or ceases to hold unpledgedshares, as hereinbefore provided for him to qualify as such director, andhis office shall automatically become vacant, provided no action of theboard of directors shall be invalidated through the participation of suchdirector in such action.

      History:   L. 1943, ch. 133, § 41; July 1.