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This entry was published on 2014-09-22
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Forfeiture of office of director
§ 398-a. Forfeiture of office of director. The office of a director of
a savings and loan association shall become vacant whenever he shall
have failed to attend the regular meetings of the board of directors 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. A copy of such resolution shall be transmitted to the
superintendent by the savings and loan association within five days
after its adoption. A director who has vacated his office by reason of
such failure to attend meetings shall not be eligible for re-election as
a director 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.