N.Y. Banking Law § 248: Removal and forfeiture of office of trustee

§ 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.