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This entry was published on 2014-09-22
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SECTION 248
Removal and forfeiture of office of trustee
Banking (BNK) CHAPTER 2, ARTICLE 6
§ 248. Removal and forfeiture of office of trustee. 1. Whenever the
conduct and habits of a trustee are of such a character as to be
injurious to the savings bank, or a trustee has been guilty of acts that
are detrimental or hostile to the interests of the savings bank, he may
be removed from office at any regular meeting of the trustees, by the
affirmative vote of three-fourths of all the trustees; provided,
however, that a written copy of the charges made against him shall have
been served upon him personally at least two weeks before such meeting,
that the vote of such trustees shall be entered in the record of the
minutes of such meeting, and that such removal shall receive the written
approval of the superintendent, which shall be attached to the minutes
of such meeting and form a part of the record.

2. The office of a trustee of a savings bank shall become vacant
whenever he

(a) Shall fail to comply with any of the provisions of this article
relating to his official oath and declaration.

(b) Shall become disqualified for any of the reasons specified in this
article.

(c) Shall have failed to attend the regular meetings of the board of
trustees and also of any committee of the board of which he is a member,
for a period of six successive months, unless excused by the board for
such failure by resolution adopted at the first or second regular
meeting of the board after expiration of such six months period and
entered upon its minutes; provided, however, that a trustee who has
forfeited or vacated his office by reason of such failure to attend
meetings shall not be eligible for re-election until the expiration of
one year from the date of the first regular meeting of the board at
which a resolution could have been adopted by it, as herein provided, to
excuse such failure. A copy of such resolution shall be transmitted to
the superintendent by the savings bank within five days after its
adoption.

(d) Shall violate any of the provisions of this article imposing
restrictions upon trustees and officers.

(e) Shall reach the mandatory retirement age, if any, prescribed in
the by-laws of the savings bank.

3. A trustee who has forfeited or vacated his office shall not be
eligible for re-election, except when the forfeiture or vacancy occurred
solely by reason of his

(a) Failure to comply with the provisions of this article relating to
his official oath and declaration; or

(b) Failure to attend the regular meetings of the board of trustees or
neglect of his official duties as prescribed in paragraph (c) of
subdivision two of this section; or

(c) Disqualification through becoming a non-resident, or becoming a
trustee, officer or employee of another savings bank, or becoming a
director or trustee of a bank, trust company, national bank, mortgage or
title company and such disqualification shall have been removed.

(d) Resignation while free of any of the disqualifications specified
in this article.