Section 9-302 - Directors.
§ 9-302. Directors.
(a) Management of association.- The business and affairs of a savings and loan association shall be managed under the direction of a board of directors.
(b) Number.- A savings and loan association shall have at least 5 directors, as its charter or bylaws provide.
(c) Qualifications.-
(1) Each director of a savings and loan association shall be:
(i) A citizen of the United States; and
(ii) A member of the association or the holder of a savings account in the association.
(2) At least two-thirds of the directors shall be residents of this State.
(3) Each nonresident director shall be approved by the Division Director as qualified to serve.
(d) Exception.- Subsection (c) (1) (ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.
[CA § 6-220; 1980, ch. 856; 1986, ch. 282; 1987, ch. 9.]