Law not Applicable to FSC

The following provisions of this Part shall not apply to any FSC: § 2205, to the extent that directors need not be elected from among the holders of stock; § 2206; [and] § 2208, to the extent that the president need not be a director. In addition to the above exemptions, no officer of a FSC shall be required to own any shares of the capital stock of the Corporation of which he is an officer. SOURCE: CC § 300.1 added by P.L. 17-63:4.