N.Y. Banking Law 442 – Number of directors; filling of vacancies; change of number
§ 442. Number of directors; filling of vacancies; change of number. 1. The number of directors of the savings and loan bank shall be not less than seven nor more than fifteen.
Terms Used In N.Y. Banking Law 442
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
2. 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.
3. The number of directors may be changed within the limits provided in subdivision one of this section by amendment of the by-laws.