Section 10.03. Optional board of directors' maximum age limitations.

  A savings bank may add limitations on the maximum age at which persons may be nominated to or continue to serve on the board of directors. The limitations shall be stated in the savings bank's bylaws, within article 4.01 (1) (c) ("Qualifications") using one of the following forms:

(1) In addition, no person may be nominated for the office of director if he or she is more than years of age.

(2) In addition, except for directors serving on the board at the time of this bylaw's adoption, no person may be nominated for the office of director if he or she is more than years of age.

(3) In addition, no director may serve beyond the annual meeting of the savings bank's stockholders following the date on which he or she becomes years of age.

(4) In addition, no director may serve beyond the annual meeting of the savings bank's stockholders following the date on which he or she becomes years of age, although persons serving as directors at the time of the adoption of this bylaw may continue to serve out their present terms.

(5) In addition:

1) No person may be nominated for the office of director if he or she is more than years of age.

2) No director may serve beyond the annual meeting of the savings bank's shareholders following the date on which he or she becomes years of age.

(6) In addition:

1) No person may be nominated for the office of director if he or she is more than years of age.

2) No director may serve beyond the annual meeting of the savings bank's stockholders following the date on which he or she becomes years of age, although persons serving as directors at the time of this bylaw's adoption may continue to serve out their present terms.

(7) In addition:

1) Except for directors serving on the board at the time of the adoption of this bylaw, no person may be nominated for the office of director if he or she is more than years of age.

2) No director may serve beyond the annual meeting of the savings bank's stockholders following the date on which he or she becomes years of age.

(8) In addition:

1) Except for persons serving as directors at the time of the adoption of this bylaw, no person may be nominated for the office of director if he or she is more than years of age.

2) No director may serve beyond the annual meeting of the savings bank's stockholders following the date on which he or she becomes years of age, although persons serving as directors at the time of the adoption of this bylaw may continue to serve out their present terms.

(9) In addition, except for persons serving as directors at the time of the adoption of this bylaw:

1) No person may be nominated for the office of director if he or she is more than years of age.

2) No director may serve beyond the annual meeting of the association following the date on which he or she becomes years of age.

History: Cr. Register, February, 1994 , eff. 3-1-94.