32.32.110 - Restriction on sale of shares of stock by directors and officers.

Restriction on sale of shares of stock by directors and officers.

All shares of capital stock purchased by directors and officers on original issue in the conversion either directly from the savings bank (by subscription or otherwise) or from an underwriter of the shares shall be subject to the restriction that the shares shall not be sold for a period of not less than three years following the date of purchase, except in the event of death of the director or officer.

[1981 c 85 § 21.]