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This entry was published on 2014-09-22
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Number of directors; filling of vacancies; change of number
§ 442. Number of directors; filling of vacancies; change of number. 1.
The number of directors of the savings and loan bank shall be not less
than seven nor more than fifteen.

2. All vacancies in the office of director shall be filled by election
by the members except as provided in this section. Vacancies not
exceeding one-third of the whole number of the board may be filled by
the affirmative vote of a majority of the directors then in office, and
the directors so elected may hold office until such vacancies are filled
by the members at a special or annual election; or when the number of
directors is nine or more, two vacancies may, with the consent of the
superintendent, be left unfilled until the next annual election.

3. The number of directors may be changed within the limits provided
in subdivision one of this section by amendment of the by-laws.