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Indiana Code Title 28. Financial Institutions § 28-6.1-3-10

Current as of January 02, 2024 | Updated by FindLaw Staff

Sec. 10. (a) A quorum of the board of a savings bank consists of at least a majority of the trustees.

(b) Except as provided in subsection (c), the president or a vice president of the board must be present for a quorum to exist. Notwithstanding subsection (c), if the number of trustees is fifteen (15) or more, a quorum must consist of at least seven (7) trustees, with the president or a vice president present.

(c) The board may provide in the bylaws that the quorum consists of more than a majority of the trustees. If the bylaws provide for a quorum of nine (9) or more trustees, the bylaws may provide that a quorum exists without the presence of the president or a vice president of the board.

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Cite this article: FindLaw.com - Indiana Code Title 28. Financial Institutions § 28-6.1-3-10 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-28-financial-institutions/in-code-sect-28-6-1-3-10/

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