9-1115.Officers of bank or trust company; election; term; bond;
forfeiture of office.
(a) The board of directors may elect a chairperson and shall elect a
president
from its members and shall elect one or more vice-presidents, a secretary
and a cashier. The office of president and cashier shall not be filled by
the same person. Such officers shall hold their offices for a term of not
to exceed one year and until their successors are elected and qualified.
(b) The board of directors shall require all officers and employees
having the
care or handling of the funds of the bank or trust company to give a
good and sufficient
bond to be executed by an approved corporate surety authorized to do
business in this state. The amount and form of the bond shall
be approved
by the board of directors of the bank or trust company. The costs of such bonds shall
be paid by the bank or trust company.
Proof of current bond coverage shall be
provided to the commissioner.
(c) Any officer 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 the office and the board of directors shall fill the vacancy.
History: L. 1947, ch. 102, § 44; L. 1961, ch. 64, § 1; L.
1973, ch. 47, § 1; L. 1989, ch. 48, § 28;
L. 1992, ch. 33, § 1;
L. 1996, ch. 31, § 1; July 1.
9-1115.Officers of bank or trust company; election; term; bond;
forfeiture of office.
(a) The board of directors may elect a chairperson and shall elect a
president
from its members and shall elect one or more vice-presidents, a secretary
and a cashier. The office of president and cashier shall not be filled by
the same person. Such officers shall hold their offices for a term of not
to exceed one year and until their successors are elected and qualified.
(b) The board of directors shall require all officers and employees
having the
care or handling of the funds of the bank or trust company to give a
good and sufficient
bond to be executed by an approved corporate surety authorized to do
business in this state. The amount and form of the bond shall
be approved
by the board of directors of the bank or trust company. The costs of such bonds shall
be paid by the bank or trust company.
Proof of current bond coverage shall be
provided to the commissioner.
(c) Any officer 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 the office and the board of directors shall fill the vacancy.
History: L. 1947, ch. 102, § 44; L. 1961, ch. 64, § 1; L.
1973, ch. 47, § 1; L. 1989, ch. 48, § 28;
L. 1992, ch. 33, § 1;
L. 1996, ch. 31, § 1; July 1.
9-1115.Officers of bank or trust company; election; term; bond;
forfeiture of office.
(a) The board of directors may elect a chairperson and shall elect a
president
from its members and shall elect one or more vice-presidents, a secretary
and a cashier. The office of president and cashier shall not be filled by
the same person. Such officers shall hold their offices for a term of not
to exceed one year and until their successors are elected and qualified.
(b) The board of directors shall require all officers and employees
having the
care or handling of the funds of the bank or trust company to give a
good and sufficient
bond to be executed by an approved corporate surety authorized to do
business in this state. The amount and form of the bond shall
be approved
by the board of directors of the bank or trust company. The costs of such bonds shall
be paid by the bank or trust company.
Proof of current bond coverage shall be
provided to the commissioner.
(c) Any officer 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 the office and the board of directors shall fill the vacancy.
History: L. 1947, ch. 102, § 44; L. 1961, ch. 64, § 1; L.
1973, ch. 47, § 1; L. 1989, ch. 48, § 28;
L. 1992, ch. 33, § 1;
L. 1996, ch. 31, § 1; July 1.