N.J. Admin. Code § 3:13-5.5

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:13-5.5 - Board of directors

(a) The board of directors of a mutual savings bank holding company shall be managed by a board of not less than six nor more than 21 directors.

(b) Directors of a mutual savings bank holding company shall be elected by a plurality of the members of the board of the mutual savings bank holding company at the annual meeting for a term of up to three years, as provided in the by-laws.

(c) A vacancy on the board of directors may be filled by a plurality of the members of the board of directors for the remainder of the unexpired term. If the board fails to fill a vacancy for one year, the Commissioner may appoint a member to the board.

(d) Directors of a mutual savings bank holding company may be paid reasonable compensation. The compensation paid to directors shall be fixed by a majority vote of the board. The Commissioner may direct that the amount of compensation paid to directors be reduced if it is deemed to be excessive. The Commissioner shall consider the duties, experience, education and responsibilities of the director, and any other relevant factors, when making this determination.

N.J. Admin. Code § 3:13-5.5