Section 442. Number of directors; filling of vacancies; change of number  


Latest version.
  • 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.