The qualifications for the directors of a New York state bank are the same as for the directors of a national bank, that is, the directors must be citizens of the United States and in the case of three-fourths of the board's membership they must reside in the state at the time of election and during their term of office. Each director must be a stockholder of the bank and own shares in the sum of at least $1,000 when the capital is $50,000 or over, and in the sum of $500 when the capital is less than $50,000. Each director, whether appointed or elected, must be duly subscribed and sworn by an officer authorized to administer oaths, who must certify to the affidavit and transmit it to the Superintendent of Banks. The tenure of office of a director extends to the next annual meeting of the stockholders, which is usually held in January. In case vacancies should occur in the interval, to a number not exceeding one-third of the board, the remaining members may fill them. Meetings of directors must be held not less often than once a month.