The bank shall enter into a contract with each corporation that shall require that: (a) A person may not serve on a corporationâs board of directors who is not a resident of, or person conducting business in, the primary service area described in the articles of incorporation. (b) A corporationâs board of directors shall include representatives from all of the following: (1) The financial community. (2) The business community. (3) The economically disadvantaged. (c) The chief executive officer of a corporation, or his or her designee, is the only employee of the corporation who may serve on its board of directors. (d) A person who has a financial interest related to a matter over which the board of directors has authority may not make, participate in making, or in any way attempt to influence that matter.
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