(1) The board of directors of an Oregon savings bank shall manage and control the affairs of the Oregon savings bank. The board shall consist of not fewer than five members.
(2) A person shall not be a director of an Oregon savings bank if the person:
(a) Has been adjudicated a bankrupt, taken the benefit of any insolvency law or made a general assignment for the benefit of creditors within the 10 years immediately prior to the person’s election as a director.
(b) Has allowed a judgment recovered against the person for a sum of money to remain unsatisfied of record or unsecured on appeal for a period of more than three months.