Directors and officers; limitations on services with other financial institutions

Section 19. No person shall be a director of two credit unions at the same time and no person holding the office of president, treasurer, member of the credit committee, member of the auditing committee or bookkeeper or an employee having access to securities or cash in a credit union shall hold any of said offices or be employed in a capacity in which he has access to securities or cash in another credit union at the same time. After January first, nineteen hundred and seventy-five, a director or other officer of a credit union may at the same time be a trustee, director or other officer of a savings bank, cooperative bank, federally chartered savings and loan association, trust company, a bank holding company or any affiliate, a mortgage company owned by a bank or national banking association if, in such case, there is in force a permit therefor issued by the commissioner, in writing, with the reasons thereon stating why the public interest warrants its issuance, after reasonable notice and an opportunity to be heard, who is hereby authorized to issue such permit if, in his judgment, it is not incompatible with the public interest, and to revoke any such permit whenever he finds, after reasonable notice and opportunity to be heard, that the public interest warrants its revocation; provided, however that the provisions of this section shall not apply to any director or other officer who held such position at the time of incorporation of said credit union.