6-869. Meetings; reports; report of examination;
response; penalties
A. The board of directors of a trust company shall meet at least once every three
months. The superintendent or any director may call a special meeting. A majority of
the board constitutes a quorum. The board shall keep minutes of each meeting, including
a record of attendance and a record of all votes pertaining to the trust business, any
officer or any shareholder.
B. At least once every three months the board of directors of a trust company shall
review written reports prepared by the president, other officers of the trust company or
the trust committee as prescribed in section 6-870. The reports shall include the
accounts that have been opened or closed during the calendar quarter before the meeting
and the trust accounts subject to annual review during the calendar quarter before the
meeting.
C. Within thirty days after the trust company receives a report of examination from
the superintendent, the directors shall meet to consider the contents of the
report. Within ten days after the meeting, the chairman or the president of the board of
directors shall notify the superintendent of the meeting and shall acknowledge, on the
declaration of each director attending the meeting, that each director reviewed the
report and the chairman or the president shall file a response to the report that
describes the board's responses to the examiners' recommendations, including any remedies
for violations of this title.
D. Unless the superintendent excuses a trust company from filing a response, the
trust company shall file a response to the report of examination within forty days after
the trust company receives the report. A trust company that fails to file a timely
response or that is not excused from filing a timely response shall pay a penalty to the
department. The department shall assess a penalty of one hundred dollars or less for
each day of the delinquency.
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