New Jersey Statutes Title 17. Corporations and Institutions for Finance and Insurance 17 § 9A-104

A director who ceases to be the owner of shares as specified in section 103,  1 or who, within thirty days after his election or appointment, or, in case of his disability, within such further time as the commissioner shall fix, fails to subscribe the oath specified in section 103, or who defaults for thirty days in payment of an undisputed obligation to the bank, shall cease to be a director.