2010 New York Code
BNK - Banking
Article 10 - (375 - 413) SAVINGS AND LOAN ASSOCIATIONS
398 - Filling of vacancies in board of directors; change in number of directors.

§ 398. Filling of vacancies in board of directors; change in number of
  directors.  1.  Vacancies  in  the board of directors of any savings and
  loan association not exceeding one-third of  the  whole  number  of  the
  board  may  be  filled by vote of a majority of the remaining directors,
  and the directors so elected may hold office until  such  vacancies  are
  filled  by  the members at a special or annual election. When the number
  of directors fixed by the by-laws of any savings and loan association is
  nine or more, two vacancies may, with the consent of the superintendent,
  be left unfilled until the next annual  election.    All  vacancies  not
  otherwise  provided  for  in this section shall be filled by election by
  the members.
    2. The number of directors may be changed within the  limits  provided
  in subdivision one of section three hundred ninety-seven of this article
  by  amendment  of the by-laws, except where the by-laws provide that the
  number of directors shall be not less than seven nor more  than  fifteen
  and  also  provide  the manner in which the number of directors shall be
  fixed within the minimum and maximum limits.
    3. Each vacancy in the office of director and each  reduction  in  the
  number  of  directors shall be reported to the superintendent within ten
  days after such vacancy occurs  or  such  reduction  is  effected.  Each
  election  of  a  director  shall  be likewise reported together with the
  name, address and occupation of the person so elected.