9-1116. Meetings of board; examination of records, funds and securities; minutes. (a) The board of directors shall hold at least four regular meetings each year, at least one of which shall be held during each calendar quarter. Minutes shall be made of each directors' meeting of a bank or trust company and shall show any action taken by the directors.
(b) In addition to other actions the board may take, the board shall take the following actions and note the same in the minutes:
(1) Election of all officers, showing their titles and salaries;
(2) approval of all regular employee compensation;
(3) prior approval of all bonuses to elected officers and employees, if provided;
(4) approval of all loans, including overdrafts. The board may establish a committee with authority to approve loans. The board shall approve a report from the committee summarizing all loans made since the board's last meeting;
(5) review and approval of the directors' examination or audit required under K.S.A. 9-1116, and amendments thereto;
(6) annual approval of all bank policies;
(7) review of all state and federal regulatory examination reports received since the board's last meeting;
(8) annual approval of fidelity bond and bank casualty insurance;
(9) approval of bank income and expenses and securities transactions;
(10) review and ratification of any committee reports; and
(11) approval of dividends and a review that the dividends are in compliance with K.S.A. 9-910, and amendments thereto.
(c) In addition, the board of directors or an auditor selected by the board shall make a thorough examination of the books, records, funds and securities held by the bank or trust company at each of the quarterly meetings and the result of such examination shall be recorded in detail. If the board selects an auditor, the auditor's findings shall be reported directly to the board. In lieu of the required four quarterly examinations, the board of directors may accept one annual audit by a certified public accountant or an independent auditor approved by the commissioner.
History: L. 1947, ch. 102, § 45; L. 1967, ch. 71, § 1; L. 1970, ch. 62, § 1; L. 1975, ch. 44, § 20; L. 1983, ch. 46, § 4; L. 1989, ch. 48, § 29; L. 2015, ch. 38, § 53; July 1.
Structure Kansas Statutes
Chapter 9 - Banks And Banking; Trust Companies
Article 11 - Banking Code; Powers
9-1101a Issuance of capital notes or debentures, when; limitations.
9-1102 Holding of real estate; limitations.
9-1107 Temporary borrowing by bank; limitation; exceptions.
9-1111 Branch banking; remote service units.
9-1114 Board of directors of bank or trust company; rules and requirements.
9-1115 Officers of bank or trust company; election; term; bond; forfeiture of office.
9-1116 Meetings of board; examination of records, funds and securities; minutes.
9-1119 Certified checks, drafts or orders.
9-1121 Reproduction of records and papers; evidence.
9-1122 Closing of banks; business hours; emergencies.
9-1123 Bank service corporations; definitions.
9-1124 Same; investment by banks; limitations.
9-1125 Same; unreasonable discrimination in providing services prohibited; exceptions.
9-1127a Same; services which may be performed for depository institutions.
9-1127b Same; services which may be provided by corporations; restrictions.
9-1127e Same; investments by savings and loan associations and savings banks.
9-1127f Same; new activities with savings and loan associations; prior approval required.
9-1127g Same; permitted activities.
9-1127h Savings and loan service corporations; definitions.
9-1129 Same; application of act.
9-1131 Repurchase agreements with pooled money investment board.
9-1132 Personal liability of officers and directors, exceptions.
9-1133 Liability of officers and directors; actions; certain provisions applicable.
9-1134 Liability of officers and directors; severability.
9-1136 Powers; authority to lease certain personal property; definitions.
9-1138 School savings deposit program; requirements; definitions.
9-1140 Prohibiting branch banks in certain locations.
9-1141 Securing deposits for federally recognized Indian tribe.
9-1142 Savings promotion; requirements; rules and regulations.