§ 398. Filling of vacancies in board of directors; change in number of\ndirectors. 1. Vacancies in the board of directors of any savings and\nloan association not exceeding one-third of the whole number of the\nboard may be filled by vote of a majority of the remaining directors,\nand the directors so elected may hold office until such vacancies are\nfilled by the members at a special or annual election. When the number\nof directors fixed by the by-laws of any savings and loan association is\nnine or more, two vacancies may, with the consent of the superintendent,\nbe left unfilled until the next annual election. All vacancies not\notherwise provided for in this section shall be filled by election by\nthe members.\n 2. The number of directors may be changed within the limits provided\nin subdivision one of section three hundred ninety-seven of this article\nby amendment of the by-laws, except where the by-laws provide that the\nnumber of directors shall be not less than seven nor more than fifteen\nand also provide the manner in which the number of directors shall be\nfixed within the minimum and maximum limits.\n 3. Each vacancy in the office of director and each reduction in the\nnumber of directors shall be reported to the superintendent within ten\ndays after such vacancy occurs or such reduction is effected. Each\nelection of a director shall be likewise reported together with the\nname, address and occupation of the person so elected.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.