Directors—Qualifications—Eligibility.
The board of directors shall be elected at the annual meeting, unless the bylaws of the association otherwise provide.
A person shall not be a director of an association if the person has been adjudicated bankrupt or has taken the benefit of any assignment for the benefit of creditors or has suffered a judgment recovered against him or her for a sum of money to remain unsatisfied of record or unsuperseded on appeal for a period of more than three months.
To be eligible to hold the position of director of an association, a person must have savings or stock or a combination thereof in the sum or the aggregate sum of at least one thousand dollars. Such minimum amount shall not be reduced either by withdrawal or by pledge for a loan or in any other manner, so long as he or she remains a director of the association.
[ 2011 c 336 s 757; 1982 c 3 s 28; 1963 c 246 s 5; 1945 c 235 s 15; Rem. Supp. 1945 s 3717-134. Prior: 1933 c 183 ss 12, 14; 1925 ex.s. c 144 s 3; 1919 c 169 s 3; 1913 c 110 s 4.]
NOTES:
Severability—1982 c 3: See note following RCW 33.04.002.