Unlawful Service as Officer, or Director

It shall be unlawful for any person to serve as an officer or director of a bank who:

(a)Is an officer, director or employee of a directly competitive bank.

(b)Has been convicted of an offense constituting in the jurisdiction in which the judgment was rendered a violation of the banking laws, a felony having as one of its necessary elements a fraudulent act or an act of dishonesty in the solicitation of, acceptance, custody, or payment of money or property or a breach of trust.

(c)Is indebted to the bank for more than thirty

(30)days upon a judgment that has become final.

(d)Has an interest adverse to the bank unless such interest is promptly and fully disclosed in writing to its board of directors or trustees.