The board of directors of a banking institution shall annually appoint an examining or audit committee of not fewer than three directors of the banking institution who are not active officers of the banking institution or not fewer than three other persons who are approved by the Director of the Department of Consumer and Business Services. The examining or audit committee shall examine and study the report of each examination made by bank supervising authorities and report to the board of directors within 60 days after receipt of the report relative to criticisms and suggestions contained in the report and comment on any matter relative to the affairs of the banking institution that in its judgment should be known to the directors. The report shall be recorded in the minute book of the banking institution, and a certified copy transmitted to the director within five days. [Amended by 1973 c.797 §96; 1981 c.192 §5; 1985 c.786 §34; 1997 c.631 §105]
(Indemnification of Directors, Officers, Employees and Agents)
Section: Previous 707.690 707.700 707.705 707.710 707.720 707.730 707.735 707.740 707.744 707.746 707.748 707.749 707.750 707.752 707.754 NextLast modified: August 7, 2008