Statement of purchases and sales of real estate and loans made or purchased to be considered at regular meeting and made part of minutes. The board of directors, by resolution recorded in the minutes, shall designate an officer whose duty it shall be to prepare and submit, at each regular meeting of the board of directors, a written statement of all the purchases and sales of real estate and securities, and of every loan or contract made or purchased since the last regular meeting of the board of directors, describing the collateral securing such loan. The statement, certified by the designated officer to be correct as of the date of the meeting at which submitted, shall be considered by the board of directors at such meeting and be filed as a part of the minute records.
Last modified: February 26, 2006