17:12B-62 - Directors, number, powers - New Jersey Statutes

17:12B-62  Directors, number, powers.62.  Directors, number, powers.  The business and affairs of every State association shall be managed and directed by a board of directors.  The board shall consist of such number as the bylaws provide, but not less than five.  Each director shall be a citizen of the United States and shall be either a member of the mutual association or a stockholder of the capital stock association, as the case may be.  He shall have such other qualifications and meet such eligibility requirements, as this act and the bylaws provide.  The board may exercise any and all powers of a State association not expressly reserved to the members of the mutual association or the stockholders of the capital stock association by the provisions of this act and the bylaws.  All checks, notes and drafts of the State association shall be executed in a manner and form determined by resolution of the board of the State association.  If the bylaws so provide, the board may delegate any of its powers to any committee composed of members of the board.

L.1963,c.144,s.62; amended 1974, c.137, s.7; 1997, c.303.