Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least three (3) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board.
As added by P.L.42-1985, SEC.1.
Structure Indiana Code
Title 5. State and Local Administration
Article 1.4. Local Public Improvement Bond Banks
Chapter 2. Establishment and Organization
5-1.4-2-1. Local Public Improvement Bond Bank; Establishment; Nature; Purpose
5-1.4-2-2. Board of Directors; Establishment; Membership; Appointment; Vacancy
5-1.4-2-5. Action by Affirmative Vote of Three Directors; Effect of Vacancy
5-1.4-2-6. Surety Bonds; Issuer; Cost
5-1.4-2-7. Disclosure of Interest in Contract; Abstention; Validity of Contract
5-1.4-2-8. Liability of Director or Issuer of Bonds or Notes