32-1-325. Selection of officers and employees -- minutes of meetings. (1) The board of directors of a bank must hold a meeting at least quarterly.
(2) The board of directors may elect a president, one or more vice-presidents, a cashier, one or more assistant cashiers, and other officers and employees that they may from time to time consider to be to the best interest of the bank and fix their compensation. The president must be chosen from the board of directors.
(3) The board of directors shall keep a correct report of the meetings of the board and of the stockholders. The minutes must disclose the dates of the meetings and the names of the directors or stockholders present. This record of the meetings of the board of directors must be signed, manually or electronically, by the presiding officer and the person responsible for preparing the minutes. The minutes must be read and approved at the following meeting of the board of directors, and the minutes of the following meeting must show that fact. The minutes must be available in the main office of the bank at all times and must be available to the department at the time of its examination of the books. A person who makes a material false entry in the record of the board meetings or who makes a material change or alteration of an entry made in the record is subject to removal pursuant to 32-1-468.
History: En. Sec. 12, Ch. 89, L. 1927; re-en. Sec. 6014.16, R.C.M. 1935; amd. Sec. 6, Ch. 431, L. 1975; R.C.M. 1947, 5-210; amd. Sec. 1, Ch. 264, L. 1983; amd. Sec. 4, Ch. 179, L. 1985; amd. Sec. 19, Ch. 395, L. 1993; amd. Sec. 16, Ch. 75, L. 2019.
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