(1)(a) The board of directors of a banking institution shall hold regular meetings as provided in this subsection.
(b) Unless paragraph (c) of this subsection is applicable, the board of directors shall hold a regular meeting at least once every month.
(c) Notwithstanding paragraph (b) of this subsection, with the approval of the Director of the Department of Consumer and Business Services, the board of directors of a banking institution may hold regular meetings as infrequently as once each calendar quarter.
(2) A quorum at any meeting of the board of directors shall consist of:
(a) If the banking institution has a fixed board size, a majority of the members of the whole board.
(b) If the banking institution has a variable-range board size, a majority of the number of directors prescribed or, if no number is prescribed, a majority of the number in office immediately before the meeting begins.
(3) If less than a quorum of directors is present at a meeting, they may adjourn until the next meeting.
(4) If a quorum is present when a vote is taken, the affirmative vote of a majority of directors present is the act of the board of directors unless the articles of incorporation or bylaws require the vote of a greater number of directors.
(5) Meetings of the board of directors, regular or special, may be held either within or without this state.
(6) Meetings of the board of directors shall be held upon such notice as is prescribed in the bylaws. Attendance of a director at a meeting shall constitute a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any meeting of the board of directors need be specified in the notice or waiver of notice of such meeting unless required by the bylaws or by law.
(7) Unless otherwise restricted by the articles of incorporation or bylaws, members of the board of directors of a banking institution or any committee designated by the board may hold a meeting of the board or committee by means of conference telephone or similar communications equipment that allows all persons participating in the meeting to hear each other. Participation in a meeting under this subsection shall constitute presence in person at the meeting. [Amended by 1963 c.166 §1; 1973 c.797 §89; 1983 c.296 §4; 1989 c.324 §40; 1993 c.255 §1; 1997 c.631 §95]Section: Previous 707.642 707.644 707.646 707.648 707.650 707.660 707.665 707.670 707.675 707.680 707.690 707.700 707.705 707.710 707.720 Next
Last modified: August 7, 2008