17:12B-63 - Director's election; vacancies - New Jersey Statutes

17:12B-63.  Director's election;  vacancies
    The directors shall be elected by the members of a mutual association or the  stockholders of a capital stock association, as the case may be, by ballot at  the annual meeting, for such term, not exceeding 3 years, as the bylaws  provide.  Where the term is more than 1 year, the bylaws shall establish terms  of office so that an equal number of directors, so far as possible, shall be  elected each year.  A vacancy in the board may be filled by the board until the  next annual meeting of the association, when it shall be filled by the members  or stockholders of the association for the remainder of the unexpired term.   Each director shall hold office for the term for which he is elected and until  his successor shall be chosen and qualified.

     L.1963, c. 144, s. 63.  Amended by L.1974, c. 137, s. 8, eff. Oct. 23, 1974.