N.Y. Banking Law § 398-a: 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.