The board of directors at any regular or special meeting may, by majority vote, authorize the treasurer to borrow specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund and undivided earnings without approval of the bank commissioner.
Source. 1983, 195:1, eff. Aug. 14, 1983.
The board of directors at any regular or special meeting may, by majority vote, authorize the treasurer to borrow specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund and undivided earnings without approval of the bank commissioner.
Source. 1983, 195:1, eff. Aug. 14, 1983.
The board of directors at any regular or special meeting may, by majority vote, authorize the treasurer to borrow specified amounts of money. At no time may the total borrowing exceed 30 percent of its total paid-in shares and deposits, guaranty fund and undivided earnings without approval of the bank commissioner.
Source. 1983, 195:1, eff. Aug. 14, 1983.
