Section 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.