Representation on Bank Board Sample Clauses

Representation on Bank Board. The Bank shall appoint one person mutually agreeable to Bancorp and PSB to serve as a director of the Bank until the next annual meeting of its shareholder, Bancorp, at which directors of the Bank are elected and shall take such actions as shall be required, if any, to increase the number of members of its board of directors as may be necessary to permit such nominee to serve as director. The Bank’s board shall nominate for election and Bancorp shall elect such person at the annual meeting of the Bank’s shareholder such that the nominee of PSB will be able to serve as a director of the Bank for a term of no less than one year after the Effective Time.
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