9-1114.Board of directors of bank or trust company;
number;
qualifications; election, date, notice; increase, when; vacancies; forfeiture
of office;
annual meeting.
The business of any bank or trust company shall be managed and controlled
by its board of directors and this shall include the authority to provide for
bonus
payments, in addition to ordinary compensation for any or all of its
officers and employees. The board shall consist of not less
than five nor more than 25 members who shall be elected by the stockholders at
any regular annual
meeting which shall be held on such date of each calendar year as the bank or
trust company may
specify in its bylaws. If the date specified in the bylaws falls on a legal
holiday, the meeting shall be held, and the directors elected, on the next
following business day. If for any reason the election of directors is not
made on the day fixed, or in the event of a legal holiday, on the next business
day, an election may be held on any subsequent day within 60 days of the day
fixed, to be designated by the board of directors, or, if the directors fail to
fix the day, by the shareholders representing 2/3 of the shares. In all cases,
at
least 10 days' notice of the date for the annual meeting shall have been given
by first-class mail to the shareholders. If the number of directors elected is
less than 25, the number of
directors may be increased so long as the total number does not exceed 25 and
when the number is increased the first additional directors may be
elected at a special meeting of the stockholders. The directors shall be
elected in the manner provided in the general corporation code. Vacancies
in the board of directors may be filled in the manner provided in the
general corporation code. A majority of the directors shall be residents of
this state. Any director of any bank or trust company who shall become
indebted to such bank or trust company on any judgment or whose indebtedness
is charged off
or forgiven shall forfeit such person's position as
director and such
vacancy shall be filled as provided by law.
History: L. 1947, ch. 102, § 43;
L. 1957, ch. 73, § 1;
L. 1959, ch. 59, § 1;
L. 1975, ch. 44, § 19;
L. 1976, ch. 57, § 1;
L. 1983, ch. 46, § 3;
L. 1989, ch. 48, § 27;
L. 1997, ch. 59, § 1;
L. 2000, ch. 106, § 4;
L. 2002, ch. 7, § 1; July 1.
9-1114.Board of directors of bank or trust company;
number;
qualifications; election, date, notice; increase, when; vacancies; forfeiture
of office;
annual meeting.
The business of any bank or trust company shall be managed and controlled
by its board of directors and this shall include the authority to provide for
bonus
payments, in addition to ordinary compensation for any or all of its
officers and employees. The board shall consist of not less
than five nor more than 25 members who shall be elected by the stockholders at
any regular annual
meeting which shall be held on such date of each calendar year as the bank or
trust company may
specify in its bylaws. If the date specified in the bylaws falls on a legal
holiday, the meeting shall be held, and the directors elected, on the next
following business day. If for any reason the election of directors is not
made on the day fixed, or in the event of a legal holiday, on the next business
day, an election may be held on any subsequent day within 60 days of the day
fixed, to be designated by the board of directors, or, if the directors fail to
fix the day, by the shareholders representing 2/3 of the shares. In all cases,
at
least 10 days' notice of the date for the annual meeting shall have been given
by first-class mail to the shareholders. If the number of directors elected is
less than 25, the number of
directors may be increased so long as the total number does not exceed 25 and
when the number is increased the first additional directors may be
elected at a special meeting of the stockholders. The directors shall be
elected in the manner provided in the general corporation code. Vacancies
in the board of directors may be filled in the manner provided in the
general corporation code. A majority of the directors shall be residents of
this state. Any director of any bank or trust company who shall become
indebted to such bank or trust company on any judgment or whose indebtedness
is charged off
or forgiven shall forfeit such person's position as
director and such
vacancy shall be filled as provided by law.
History: L. 1947, ch. 102, § 43;
L. 1957, ch. 73, § 1;
L. 1959, ch. 59, § 1;
L. 1975, ch. 44, § 19;
L. 1976, ch. 57, § 1;
L. 1983, ch. 46, § 3;
L. 1989, ch. 48, § 27;
L. 1997, ch. 59, § 1;
L. 2000, ch. 106, § 4;
L. 2002, ch. 7, § 1; July 1.
9-1114.Board of directors of bank or trust company;
number;
qualifications; election, date, notice; increase, when; vacancies; forfeiture
of office;
annual meeting.
The business of any bank or trust company shall be managed and controlled
by its board of directors and this shall include the authority to provide for
bonus
payments, in addition to ordinary compensation for any or all of its
officers and employees. The board shall consist of not less
than five nor more than 25 members who shall be elected by the stockholders at
any regular annual
meeting which shall be held on such date of each calendar year as the bank or
trust company may
specify in its bylaws. If the date specified in the bylaws falls on a legal
holiday, the meeting shall be held, and the directors elected, on the next
following business day. If for any reason the election of directors is not
made on the day fixed, or in the event of a legal holiday, on the next business
day, an election may be held on any subsequent day within 60 days of the day
fixed, to be designated by the board of directors, or, if the directors fail to
fix the day, by the shareholders representing 2/3 of the shares. In all cases,
at
least 10 days' notice of the date for the annual meeting shall have been given
by first-class mail to the shareholders. If the number of directors elected is
less than 25, the number of
directors may be increased so long as the total number does not exceed 25 and
when the number is increased the first additional directors may be
elected at a special meeting of the stockholders. The directors shall be
elected in the manner provided in the general corporation code. Vacancies
in the board of directors may be filled in the manner provided in the
general corporation code. A majority of the directors shall be residents of
this state. Any director of any bank or trust company who shall become
indebted to such bank or trust company on any judgment or whose indebtedness
is charged off
or forgiven shall forfeit such person's position as
director and such
vacancy shall be filled as provided by law.
History: L. 1947, ch. 102, § 43;
L. 1957, ch. 73, § 1;
L. 1959, ch. 59, § 1;
L. 1975, ch. 44, § 19;
L. 1976, ch. 57, § 1;
L. 1983, ch. 46, § 3;
L. 1989, ch. 48, § 27;
L. 1997, ch. 59, § 1;
L. 2000, ch. 106, § 4;
L. 2002, ch. 7, § 1; July 1.