§ 467. Qualifications and disqualifications of directors and committee
members. Every director and committee member of a credit union shall be
the owner of at least one share subscribed for by him or standing in his
name on the books of the credit union; and every person elected to be a
director or committee member, who, after his election, shall
hypothecate, pledge or cease to be the owner of his qualifying share or
shares, except as permitted by subdivision four of section four hundred
fifty-six of this article, shall cure the disqualification within thirty
days or thereby vacate his office, and not be eligible for re-election
as a director or committee member for a period of one year from the date
of the next succeeding annual meeting. The restrictions herein of
requiring directors and committee members to be the owner of at least
one share shall not apply to a corporate credit union.