(A) A mutual holding company and any subsidiary holding company shall be governed
by a board of directors and in accordance with the articles of incorporation and code
of regulations adopted in connection with the reorganization, or as amended in accordance
with law or rule after the reorganization.
(B) The board of the mutual holding company and any subsidiary holding company shall
have at least five members who, initially, shall consist of the board of directors
of the reorganizing mutual state bank. Such members, after the formation of the mutual holding company and any subsidiary
holding company, shall continue to serve as directors for the balance of the terms
to which they were elected.
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