Or. Admin. R. 441-505-2000

Current through Register Vol. 63, No. 9, September 1, 2024

Section 441-505-2000 - Regular Meetings of Banking Institution Board of Directors

(1) For purposes of this rule:

(a) "Regular meeting" means a meeting established by the banking institution's bylaws or by board resolution that fix the time, date and location of the meeting on a re-occurring basis.

(b) "Special meeting" means a meeting not held on a re-occurring basis and under notice given to the board of directors consistent with the banking institution's articles of incorporation or the bylaws.

(2) The board of directors of a banking institution shall hold a minimum of four regular meetings during each calendar year. No more than 100 days shall pass between any two regular meetings.

(3) Notwithstanding section (2) of this rule, if the director reasonably believes that the condition of a banking institution warrants additional regular meetings, the director may require the banking institution to hold regular board meetings at a frequency to be determined by the director. The director may also require the institution's board of directors to convene special meetings as necessary.

Or. Admin. R. 441-505-2000

FCS 1-2014, f. & cert. ef. 2-12-14

Stat. Auth.: ORS 707.670

Stats. Implemented: ORS 707.670