No person is eligible to serve as a director of a savings bank without the written permission of the Commissioner if he or she: 1. Has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or not safeguarded by supersedeas bond on appeal for a period of more than 3 months. 2. Is a director, officer or employee of any other unaffiliated savings bank. 3. Is an officer or employee of an unaffiliated commercial bank in this state. 4. Is not an investor in the savings bank or its holding company, if applicable, owning in his or her own right or in a representative capacity as an executor, administrator, guardian or trustee stock in the savings bank or its holding company, if applicable, of the par value of at least $1,000, or full-paid investment certificates in the savings bank or its holding company, if applicable, of the value of at least $1,000. For the purpose of this chapter, a person who owns stock or investment certificates as a joint tenant with one other person shall be deemed to own, in his or her own right, one-half of the stock or investment certificates. 5. Sells or hypothecates all the stock or investment certificates owned by him or her, or so much thereof that he or she ceases to be the owner, free from encumbrances, of the amount of stock or investment certificates required by subsection 4.
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