New York Banking Law

Sec. § 442
Number of Directors; Filling of Vacancies; Change of Number


The number of directors of the savings and loan bank shall be not less than seven nor more than fifteen.


All vacancies in the office of director shall be filled by election by the members except as provided in this section. Vacancies not exceeding one-third of the whole number of the board may be filled by the affirmative vote of a majority of the directors then in office, and the directors so elected may hold office until such vacancies are filled by the members at a special or annual election; or when the number of directors is nine or more, two vacancies may, with the consent of the superintendent, be left unfilled until the next annual election.


The number of directors may be changed within the limits provided in subdivision one of this section by amendment of the by-laws.

Last accessed
Dec. 13, 2016