N.Y. Banking Law § 441: Qualifications and disqualification of directors; oath of directors

§ 441. Qualifications and disqualification of directors; oath of

directors. 1. At least three-fourths of the directors of the savings and

loan bank must reside in the state of New York during their term of

office, and all must be citizens of the United States. No person shall

be elected a director unless he is the owner in good faith and in his

own right on the books of a member savings and loan association of

shares having a book value of not less than two hundred dollars and has

been nominated by such member savings and loan association for that

office; and every person elected to be a director who, after such

election, shall hypothecate, pledge or cease to be the owner in his own

right of such qualifying shares shall cease to be a director of the

savings and loan bank, and his office shall be vacant.

2. Each director, when appointed or elected, shall take an oath that

he will, so far as the duty devolves upon him, diligently and honestly

administer the affairs of the savings and loan bank, and will not

knowingly violate, or willingly permit to be violated, any of the

provisions of law applicable to such corporation and that he is the

owner in good faith and in his own right on the books of the savings and

loan association which nominated him of shares having a book value not

less than two hundred dollars, and that the same is not hypothecated, or

in any way pledged as security for any loan or debt and, in case of

re-election that such shares were not hypothecated or in any way pledged

as security for any loan or debt during his previous term. Such oath

shall be subscribed by the directors making it, certified by an officer

authorized by law to administer oaths, and immediately transmitted to

the superintendent.