The business and affairs of a savings and loan association shall be managed under the direction of a board of directors. A savings and loan association shall have at least 5 directors, as its charter or bylaws provide. Each director of a savings and loan association shall be: A citizen of the United States; and A member of the association or the holder of a savings account in the association. At least two-thirds of the directors shall be residents of this State. Each nonresident director shall be approved by the Division Director as qualified to serve. Subsection (c)(1)(ii) of this section does not apply to any member of a board of directors who was serving on a board before July 1, 1980.