One notable change he has instituted is requiring directors to retire at age 75.

The new directors of Ullico, the troubled union-owned insurer, voted to require directors who made more than $6 million trading company stock to return those profits within 30 days.

These rulings require directors, once they decide to sell their companies, to hold an auction.

The commission appears ready to propose legislation that would require directors of these authorities to take an oath of office swearing that they will do their fiduciary duty.

To ratchet up accountability, the S.E.C. has proposed to require independent directors to keep all records from their deliberations over advisory fees.

LEAD: THE efficient operation of a condominium, homeowner association or cooperative often requires officers and directors to get involved in local politics.

Some companies - Pfizer, for example - have recently instituted policies requiring directors who receive less than half the votes cast in an election to tender their board resignations immediately.

Among the reasons that knights are less congenial: high debt and court decisions that require directors, once they decide to sell their companies, to hold an auction.

Several lawmakers have introduced legislation that would require directors of mutual funds, including board chairmen, to be more independent from the management of the funds.

Another significant proposal would require nonmanagement directors at each company to meet regularly without management present.