Section 467. Qualifications and disqualifications of directors and committee members

Every director and committee member of a credit union shall be  the owner of at least one share subscribed for by him or standing in his
  name on the books of the credit union; and every person elected to be  a
  director   or   committee   member,   who,  after  his  election,  shall
  hypothecate, pledge or cease to be the owner of his qualifying share  or
  shares,  except as permitted by subdivision four of section four hundred
  fifty-six of this article, shall cure the disqualification within thirty
  days or thereby vacate his office, and not be eligible  for  re-election
  as a director or committee member for a period of one year from the date
  of  the  next  succeeding  annual  meeting.  The  restrictions herein of
  requiring directors and committee members to be the owner  of  at  least
  one share shall not apply to a corporate credit union.