Section 305. Board of directors

1.  All  the  corporate powers of such
  corporation shall be exercised by a board  of  directors  consisting  of
  thirteen  persons,  all  of  whom  shall be of full age, citizens of the
  United States and at least seven of  whom  shall  be  residents  of  the
  state.
    2.  At the first annual meeting of such corporation and at each annual
  meeting thereafter the members shall elect ten directors whose  term  of
  office shall be one year.
    Each  of  the  members entitled to vote for directors pursuant to this
  subdivision two of section three hundred five of this article  shall  be
  entitled  to  one  vote  for each twenty-five thousand dollars, or major
  fraction thereof, it is subject to be called  upon  to  advance  to  the
  corporation pursuant to the provisions of section three hundred seven of
  this article.
    3.  At  such  first and succeeding annual meetings the stockholders of
  such corporation shall elect three additional directors for terms of one
  year each.
    4. If any director shall lose his citizenship, or shall cease to be  a
  resident  of  the  state,  thereby  creating  a vacancy, or if a vacancy
  occurs in the membership  of  the  board  of  directors  through  death,
  resignation  or  otherwise, the remaining directors shall elect a person
  to fill such vacancy for the unexpired term.
    5. The board of directors shall elect one of its members  as  chairman
  of such board, shall adopt by-laws for such corporation, and may appoint
  such officers and employees as it deems advisable.
    6.  In  addition to other matters, the by-laws of such corporation may
  contain specific standards and criteria by which  mortgage  applications
  will  be  judged and loans made in so far as such specific standards and
  criteria are not  inconsistent  with  any  of  the  provisions  of  this
  article.