The Appellate Division has given a victory to activist shareholder Lawrence Seidman in his battle to reform Spencer Savings Bank.
The appeals court affirmed a Chancery Division judge’s ruling overturning a bylaw that requires candidates for the bank’s board of directors who are not chosen by the board’s nominating committee to obtain the support of 10% of depositors. But the appeals court vacated an order from the trial court that imposed a threshold of support for nomination of board members of 1% of members, or 500 members. The appeals court vacated that order pending a review of that policy by the state commissioner of banking and insurance.
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