(a) A depository bank shall have a board of not less than 5 directors, of which a majority shall be residents of New Hampshire or a state that borders New Hampshire.
(b) The board of directors of a depository bank shall meet on a regular basis as often as necessary but not less than 9 times per year, unless the commissioner shall issue an order requiring the board to meet more frequently based on a finding that the safety and soundness of the depository bank is likely to be impaired if meetings are not held more frequently.