1. (a) A vacancy on the board of the savings bank is created if any of the following applies to a trustee:

   1. (1) The trustee dies.
   2. (2) The trustee resigns.
   3. (3) The trustee is unable to discharge duties because of incapacity.
   4. (4) The trustee moves from the county where the saving bank is located.
   5. (5) The trustee becomes insolvent.
   6. (6) The trustee fails for nine (9) successive months to attend the regular meetings of the board.
2. (b) The remaining trustees shall fill a vacancy created under subsection (a) by electing a successor by ballot.
3. (c) An election under subsection (b) may be held at a regular meeting of the board or at a special meeting of which the remaining trustees have been given notice.
4. (d) A successor is elected upon a majority vote of the remaining trustees.
5. (e) A successor must possess the qualifications set forth in section 4 of this chapter.

As added by P.L.42-1993, SEC.72.