State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_53 > GS_53-67

§ 53‑67.  Bankscontrolled by boards of directors.

The corporate powers,business, and property of banks doing business under this Chapter shall beexercised, conducted, and controlled by its board of directors, which shallmeet at least quarterly. Such board shall consist of not less than fivedirectors, to be chosen by the stockholders, and shall hold office for the termfor which they are elected, and until their successors are elected andqualified. The annual meeting of stockholders for the election of directorsshall be held at such time as may be designated by the charter or the bylaws ofthe bank but shall be held not later than June 30 each year; provided, however,that any bank which has been open for business for fewer than 12 months as ofJune 30 of the current year shall hold its first annual meeting by not laterthan June 30 of the following year. In addition to the foregoing powersrelating to the fixing of the number and the election of directors, thestockholders of a bank, at any stockholders' meeting, special or annual, mayauthorize not more than two additional directorships which may be left unfilledand to be filled in the discretion of the directors of the institution duringthe interval between such stockholders' meetings. Aside from the specificprovisions of this section, the number, election, term and classification ofthe directors of banks doing business under this Chapter shall be governed bythe provisions of the North Carolina Business Corporation Act. (1921, c. 4, s. 48; C.S., s.220(w); 1925, c. 170; 1965, c. 188; 1967, c. 789, s. 12; 1983, c. 24, ss. 1, 2;1989, c. 187, s. 8; 1989 (Reg. Sess., 1990), c. 1024, s. 3; 2004‑171, s.2.)