(1) A board member of an Oregon nonstock bank may be removed from office by the affirmative vote of three-fourths of the directors at any regular meeting of the board if:
(a) The board member’s conduct is of such character as to be injurious to the Oregon nonstock bank;
(b) A written copy of the charges made against the board member has been served upon the board member personally, and upon the Director of the Department of Consumer and Business Services, at least two weeks before the meeting; and
(c) The vote of the directors by ayes and noes is entered in the record of the minutes of the meeting.
(2) The office of a director of an Oregon nonstock bank immediately becomes vacant if the director:
(a) Becomes disqualified for any of the reasons specified in ORS 716.210 (2).
(b) Has failed to attend the regular meetings of the board of directors, or to perform any of the duties as director, for a period of six successive months, unless excused by the board for the failure.
(3) A director who has forfeited or vacated office is not eligible for reelection unless the forfeiture or vacancy occurred solely by reason of the director’s neglect of official duties as prescribed in subsection (2)(b) of this section. [Amended by 1961 c.278 §2; 1973 c.797 §364; 1997 c.631 §346]
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