1. (a) 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.

2. (b)

   1. (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. (2) The Commissioner may waive the disqualification of a director if the director shows to the Commissioner good cause for the failure to attend the meetings.

Added by Acts 1980, c. 33, § 2, eff. July 1, 1980. Amended by Acts 1996, c. 326, § 2, eff. July 1, 1996.