6-870. Trust committee
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/az/title-6/6-870A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. The board of directors may appoint a trust committee. The trust committee shall be comprised solely of directors, officers, employees or any combination thereof. The committee may be authorized to act for the company in matters dealing with the initial and annual reviews of accounts, account acceptance and investment strategies. The trust committee shall keep a record of its actions and shall report in writing to the board on all actions since the previous board meeting. The board shall ratify or rescind each action.
B. The trust committee shall meet at least once a month to review existing accounts and to consider acceptance of new accounts. The trust committee shall not accept a new account unless it is approved by a majority of the members of the trust committee present at the meeting in which the new account is considered.