32-1-322. Board of directors -- qualifications, tenure, and vacancies.
251 words·~1 min read·
/mt/title-32/chapter-1/part-3/32-1-322·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
32-1-322 . Board of directors -- qualifications, tenure, and vacancies.
(1)The affairs of the bank must be managed by a board of directors consisting of no fewer than three persons. At least two-thirds of the board must be residents of Montana. Directors need not be shareholders of the corporation unless required by the articles of incorporation or bylaws. A person who has been convicted of a crime against the banking laws of the United States or of any state may not be elected a director.
(a)As set forth in the bylaws of the institution, the directors may serve a term of multiple years and the terms may be staggered.
(b)The annual meeting must be held before April 15 of each calendar year. If the election is not held on the day fixed for the annual meeting, the corporation is not dissolved, but an election may be held at any other time agreeable to the bylaws of the corporation, and the persons elected shall hold their office until successors are elected and qualified.
(c)Every director shall take and subscribe an oath that the director will diligently and honestly perform the director's duty in the office and that the director will not knowingly violate or permit a violation of any of the provisions of this chapter. The oaths must be made in duplicate. One copy must be transmitted to and filed with the department, and one copy must be kept on file in the office of the bank.