A. The number of directors on the board of a mutual financial institution may not be less than 5, all of whom must be residents of the financial institution's geographic area or an area proximate to that geographic area.

Sec. 3. 9-B MRSA §326, sub-§1, ¶C, as enacted by PL 1975, c. 500, §1, is amended to read:

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 that causes the number of directors to fall below the minimum required in paragraph A or in the institution's bylaws shall or articles of incorporation must be filled immediately.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.