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REFERENCE TITLE: board meetings; banking; technical correction |
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State of Arizona Senate Fifty-second Legislature First Regular Session 2015
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SB 1162 |
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Introduced by Senator Farnsworth D
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AN ACT
Amending section 6-185, Arizona Revised Statutes; relating to bank organizations and regulation.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 6-185, Arizona Revised Statutes, is amended to read:
6-185. Board of directors' meetings; review; report of failure of quorum to meet
A meeting of the board of directors of a bank shall be called each month or each quarter. The superintendent shall designate for each bank whether the board shall meet monthly or quarterly. The superintendent may change the designation at any time without providing the bank advanced advance notice. At the meetings, the board shall review the loans and investments and other material activities of the bank or review a report thereof prepared under the direction of the board as a regular item of business. The board shall keep minutes of all meetings including a record of attendance. If at any required meeting a majority of the members are not present, the bank shall notify the superintendent in writing of that fact.