§ 441. Qualifications and disqualification of directors; oath of
directors. 1. At least three-fourths of the directors of the savings and
loan bank must reside in the state of New York during their term of
office, and all must be citizens of the United States. No person shall
be elected a director unless he is the owner in good faith and in his
own right on the books of a member savings and loan association of
shares having a book value of not less than two hundred dollars and has
been nominated by such member savings and loan association for that
office; and every person elected to be a director who, after such
election, shall hypothecate, pledge or cease to be the owner in his own
right of such qualifying shares shall cease to be a director of the
savings and loan bank, and his office shall be vacant.

2. Each director, when appointed or elected, shall take an oath that
he will, so far as the duty devolves upon him, diligently and honestly
administer the affairs of the savings and loan bank, and will not
knowingly violate, or willingly permit to be violated, any of the
provisions of law applicable to such corporation and that he is the
owner in good faith and in his own right on the books of the savings and
loan association which nominated him of shares having a book value not
less than two hundred dollars, and that the same is not hypothecated, or
in any way pledged as security for any loan or debt and, in case of
re-election that such shares were not hypothecated or in any way pledged
as security for any loan or debt during his previous term. Such oath
shall be subscribed by the directors making it, certified by an officer
authorized by law to administer oaths, and immediately transmitted to
the superintendent.