§ 305. Board of directors. 1. All the corporate powers of such\ncorporation shall be exercised by a board of directors consisting of\nthirteen persons, all of whom shall be of full age, citizens of the\nUnited States and at least seven of whom shall be residents of the\nstate.\n 2. At the first annual meeting of such corporation and at each annual\nmeeting thereafter the members shall elect ten directors whose term of\noffice shall be one year.\n Each of the members entitled to vote for directors pursuant to this\nsubdivision two of section three hundred five of this article shall be\nentitled to one vote for each twenty-five thousand dollars, or major\nfraction thereof, it is subject to be called upon to advance to the\ncorporation pursuant to the provisions of section three hundred seven of\nthis article.\n 3. At such first and succeeding annual meetings the stockholders of\nsuch corporation shall elect three additional directors for terms of one\nyear each.\n 4. If any director shall lose his citizenship, or shall cease to be a\nresident of the state, thereby creating a vacancy, or if a vacancy\noccurs in the membership of the board of directors through death,\nresignation or otherwise, the remaining directors shall elect a person\nto fill such vacancy for the unexpired term.\n 5. The board of directors shall elect one of its members as chairman\nof such board, shall adopt by-laws for such corporation, and may appoint\nsuch officers and employees as it deems advisable.\n 6. In addition to other matters, the by-laws of such corporation may\ncontain specific standards and criteria by which mortgage applications\nwill be judged and loans made in so far as such specific standards and\ncriteria are not inconsistent with any of the provisions of this\narticle.\n
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