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 not less 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.
(2) The directors must be elected for a term of 1 year at the annual meeting of the stockholders. 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. 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.
History: En. Sec. 10, Ch. 89, L. 1927; re-en. Sec. 6014.14, R.C.M. 1935; amd. Sec. 1, Ch. 78, L. 1957; amd. Sec. 5, Ch. 431, L. 1975; R.C.M. 1947, 5-208; amd. Sec. 1, Ch. 84, L. 1979; amd. Sec. 1, Ch. 341, L. 1981; amd. Sec. 1, Ch. 561, L. 1983; amd. Sec. 2, Ch. 179, L. 1985; amd. Sec. 1, Ch. 24, L. 1989; amd. Sec. 18, Ch. 395, L. 1993.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 1. Banks and Trust Companies
Part 3. Formation and Reorganization
32-1-301. Organization and incorporation -- articles of incorporation
32-1-303. Board to refuse or approve application
32-1-309. through 32-1-320 reserved
32-1-321. Calling of first meeting -- cancellation of certificate
32-1-322. Board of directors -- qualifications, tenure, and vacancies
32-1-325. Selection of officers and employees -- minutes of meetings
32-1-326. through 32-1-330 reserved
32-1-335. Purchase or loan of own capital stock prohibited -- exception
32-1-339. Right of examination by stockholder
32-1-340. Conversion of surplus and undivided profits to capital stock
32-1-341. through 32-1-350 reserved
32-1-357. through 32-1-360 reserved
32-1-361. Change from state to national bank
32-1-362. National bank powers extended to state banks
32-1-363. Surrender of charter by state bank
32-1-364. Increase or reduction of capital stock
32-1-365. Certificate of change to national bank
32-1-366. through 32-1-369 reserved
32-1-370. Interstate merger of banks -- interstate agreements
32-1-373. Banks may join federal reserve bank
32-1-374. Conversion of national bank to state bank
32-1-375. Prohibition of acquisition -- exception
32-1-377. Agreement of purchase and sale
32-1-379. Bank acquisition or control -- disapproval by department -- change of officers