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terms, all subsequent terms for directors, or if the terms are | | not staggered, all terms of directors, must be for the same | | number of years, which may be either 2 or 3 years.__Directors | | must be chosen at annual meetings, or special meetings duly | | called, to succeed those whose terms expire. |
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| | | Sec. 4. 9-B MRSA §326, sub-§1, ¶C, as enacted by PL 1975, c. 500, §1, | | is amended to read: |
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| | | C. Vacancies on the board occurring during the year may be | | filled by the board until the next annual meeting of the | | corporators or members, who shall elect a director at such | | time to fill such position for the remainder of the term. | Any vacancy which | fall below the minimum required in paragraph A or in | institution's bylaws shall | | be filled immediately. |
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| | | Sec. 5. 9-B MRSA §326, sub-§2, ¶¶D and E are enacted to read: |
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| | | D.__The financial institution's board of directors may hold | | regular or special meetings in or out of this State. |
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| | | E.__Unless the financial institution's articles of | | incorporation or bylaws provide otherwise, the financial | | institution's board of directors may permit any or all | | directors to participate in a regular or special meeting by, | | or conduct the meeting through the use of, any means of | | communication by which all directors participating may | | simultaneously hear each other during the meeting.__A | | director participating in a meeting by this means is deemed | | to be present in person at the meeting. |
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| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
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| | | This bill makes requirements for membership on boards of | | directors of Maine financial institutions consistent with | | membership requirements in the Maine Business Corporation Act. |
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