Section 1405 - Method of action by board of directors or trustees or executive or other committeeExcept as otherwise provided in this act or in the articles or by-laws:
(a) Meetings; notice--Meetings of the board of directors or trustees shall be held within this Commonwealth upon such notice as the by-laws may prescribe. Notice of an adjourned meeting may be given by announcement at the meeting at which the adjournment is taken;(b) Quorum--A majority of all the directors or trustees in office shall constitute a quorum for the transaction of business and actions of a majority of those present at a meeting at which a quorum is present shall be actions of the board;(c) Executive or other committee--The board of directors or trustees may, by resolution adopted by a majority of the whole board, delegate three or more of its number to constitute an executive committee or other committee which, to the extent provided in such resolution, shall have and exercise the authority of the board of directors or trustees in the management of the business of the institution; and(d) Consent in lieu of meeting--Any action which may be taken at a meeting of the directors or trustees or of the members of an executive or other committee may be taken without a meeting if a consent or consents in writing setting forth the action shall be signed by all of the directors or trustees or all of the members of the executive or other committee and filed with the secretary of the institution.(e) Participation by telephone--If the by-laws so provide, one or more directors or trustees may participate in a meeting of the board of directors or trustees or of a committee of the board by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other, and all directors or trustees so participating shall be deemed present at the meeting.1965, Nov. 30, P.L. 847, No. 356, § 1405. Amended 1984, July 6, P.L. 606, No. 125, § 7, imd. effective.