HARRY HUGHES, Governor

271

election of directors in CA § 6—109.

The balance of CA § 6—109, which specifies
required bylaws, now appears in § 4—402 of this
title.

4-506. TENURE OF DIRECTORS.

A DIRECTOR OF A SAVINGS BANK SERVES UNTIL THE NEXT
ANNUAL MEETING OF THE MEMBERS AND UNTIL A SUCCESSOR IS
ELECTED AND QUALIFIES.

REVISOR'S NOTE: This section is new language added to
clarify the tenure of directors and follows the
comparable provision for directors of a
commercial bank, in § 3—406 of this article.

This change is supported by present CA §
6—103(b)(6), which requires inclusion of the
names and addresses of the directors "who will
serve for the first year" in articles of
incorporation, and present CA § 6-109, which
indicates that the directors of a savings bank
are elected for terns of 1 year — from annual
meeting to annual meeting.

4-507. ATTENDANCE AT BOARD MEETINGS.

(A)   ATTENDANCE REQUIRED.

EACH DIRECTOR OF A SAVINGS BANK SHALL ATTEND AT LEAST
ONE HALF OF THE REGULARLY SCHEDULED BOARD MEETINGS THAT ARE
HELD DURING THE DIRECTOR'S TERM OF OFFICE.

(B)      DISQUALIFICATION FOR ADDITIONAL TERMS.

(1)   ANY DIRECTOR WHO FAILS TO ATTEND MEETINGS OF
THE BOARD OF DIRECTORS AS REQUIRED BY THIS SECTION IS
DISQUALIFIED AUTOMATICALLY FROM SERVING AS DIRECTOR FOR A
SUCCEEDING TERM.

(2)   THE BANK COMMISSIONER MAY WAIVE THE
DISQUALIFICATION OF   A DIRECTOR IF THE DIRECTOR SHOWS TO THE
BANK COMMISSIONER GOOD CAUSE FOR THE FAILURE TO ATTEND THE
MEETINGS.

REVISOR'S NOTE: This section presently appears as CA §
6—152, as it applies to savings banks.

The only changes are in style.

The provisions of present CA § 6-152, as they
apply to commercial banks, now appear in § 3—408
of this article.

4-508. VACANCIES.