New York Codes, Rules and Regulations
Title 3 - BANKING
Chapter III - SUPERINTENDENT'S REGULATIONS
Subchapter A - BANKING ORGANIZATIONS
Part 306 - Corporate Governance Vacancies On The Board Of Directors
Section 306.2 - Maximum number of vacancies on the board of directors that may be left unfilled
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Unless the superintendent, in his/her discretion provides otherwise, an institution described in section 306.1 of this Part is permitted to have vacancies of up to one-third of its entire board of directors left unfilled until the next annual election by the stockholders provided that the institution:
(b) Unless the superintendent, in his/her discretion provides otherwise, an institution described in section 306.1 of this Part is permitted to have vacancies of up to one-tenth of its entire board of directors left unfilled until the next annual election by the stockholders, or where a board of directors is comprised of less than ten members, no more than one vacancy on the board may be left unfilled until the next annual election by the stockholders provided that the institution:
[FN*] For information regarding the United States Code (USC or U.S.C.), the Code of Federal Regulations (CFR) and the Federal Register, see Supervisory Policy G 1.