Whereas, the Maine Business Corporation Act took effect July 1, 2003 and has standardized the corporate structure and governance of Maine corporations; and

Whereas, certain provisions in law remain inconsistent with that Act; and

Whereas, in the judgment of the Legislature, these facts create an emergency within the meaning of the Constitution of Maine and require the following legislation as immediately necessary for the preservation of the public peace, health and safety; now, therefore,

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 9-B MRSA §326, sub-§1, ¶A, as amended by PL 1997, c. 398, Pt. D, §13, is repealed.

Sec. 2. 9-B MRSA §326, sub-§1, ¶A-1 is enacted to read:

A-1.__The financial institution's articles of incorporation or bylaws may prescribe qualifications for directors.__A director need not be a resident of this State unless the articles of incorporation or bylaws so prescribe.

Sec. 3. 9-B MRSA §326, sub-§1, ¶B, as corrected by RR 2001, c. 2, Pt. B, §11 and affected by §58, is amended to read:

B. The initial board of directors must be elected at the first meeting of the corporators or the incorporators as provided for in section 323, and the board of directors must be elected by a vote of the corporators or members at each annual meeting thereafter; except that the articles of incorporation or bylaws may provide for groups of directors in accordance with Title 13- C, section 806. The financial institution's articles of incorporation may provide for staggering the terms of directors by dividing the total number of directors into 2 or 3 groups, with each group containing, as close as possible, 1/2 or 1/3, as the case may be, of the total. If the terms are staggered, the terms of directors in the first group expire at the first annual meeting after their election, the terms of the 2nd group expire at the 2nd annual meeting after their election and the terms of the 3rd group, if any, expire at the 3rd annual meeting after their election.__After the initial staggered