32-2-1213. Board of directors -- lack of quorum -- temporary board members. (1) If at any time because of the suspension or removal of one or more board members pursuant to this part the board of directors of an institution has less than a quorum of board members not suspended or removed, all powers and functions vested in or exercisable by the board vest in and are exercisable by the board members not suspended or removed until a time when there is a quorum of the board members.
(2) If all of the board members have been suspended or removed, the commissioner shall appoint persons to serve temporarily as board members, pending the termination of the suspensions or removals or until a time when their successors are duly elected and take office.
History: En. Sec. 131, Ch. 431, L. 2021.
Structure Montana Code Annotated
Title 32. Financial Institutions
Chapter 2. Mutual Savings and Loan Associations
Part 12. Removal of Directors or Officers
32-2-1202. Notice of charges -- hearing -- cease and desist order -- effective date
32-2-1203. Informal conferences -- time for application
32-2-1206. Informal conferences -- time for application
32-2-1207. Suspension or prohibition effective on service -- stay
32-2-1208. Felony charges -- suspension or prohibition
32-2-1209. through 32-2-1212 reserved
32-2-1213. Board of directors -- lack of quorum -- temporary board members
32-2-1214. Hearings -- decision -- review, modification, termination, or stay of orders
32-2-1215. Notices and orders -- manner of service -- copies to federal authorities