I have not seen a specific ruling, but it would probably be treated like all the other grandfather provisions. The current over the limit situation is not a factor, however, no new actions can be taken without bringing the non-conforming situation into confomance. This would mean no new director loans to any director until you were back under the limit. A call to your regulator may be in order to get a current opinion.
The opinions expressed here should not be construed to be those of my employer: PPDocs.com