464

Every director of a trust company shall be a stockholder of the trust company owning in his own right at least one (1) share of its capital stock; and every person elected to be a director who, after such election, shall hypothecate, pledge, or cease to be the owner in his own right of the amount of stock aforesaid, shall cease to be a director of the trust company and his office shall be vacant, and he shall not be eligible for reelection as a director for a period of one (1) year from the date of the next succeeding annual meeting. History —Apr. 23, 1928, No. 40, p. 234, § 38, eff. 90 days after Apr. 23, 1928.