N.Y. Banking Law § 467

§ 467. Qualifications and disqualifications of directors and committee\nmembers. Every director and committee member of a credit union shall be\nthe owner of at least one share subscribed for by him or standing in his\nname on the books of the credit union; and every person elected to be a\ndirector or committee member, who, after his election, shall\nhypothecate, pledge or cease to be the owner of his qualifying share or\nshares, except as permitted by subdivision four of section four hundred\nfifty-six of this article, shall cure the disqualification within thirty\ndays or thereby vacate his office, and not be eligible for re-election\nas a director or committee member for a period of one year from the date\nof the next succeeding annual meeting. The restrictions herein of\nrequiring directors and committee members to be the owner of at least\none share shall not apply to a corporate credit union.\n