Section 491.434 - Board of directors; designation by organizers; qualifications; election; number; term; resignation; meetings; minutes; calling of meeting by supervisor.
SAVINGS AND LOAN ACT OF 1980 (EXCERPT)
Act 307 of 1980
491.434 Board of directors; designation by organizers; qualifications; election; number; term; resignation; meetings; minutes; calling of meeting by supervisor.
Sec. 434.
(1) The affairs of an association shall be managed by a board of not less than 7 directors who shall be designated by the organizers of an association before the association is authorized to commence business. Not less than 4/5 of the directors of an association shall be residents of this state, except that the supervisor may allow a waiver of this requirement if there is a merger of 2 or more associations which results from an agreement to merge to assure the financial stability of 1 or more of the merged associations. Directors shall thereafter be elected pursuant to this act at the annual meeting of members, or, if for any reason an election is not held at that meeting or at an adjournment of that meeting, then at a subsequent meeting called for that purpose of which notice is given as provided in the bylaws. Directors of a mutual association shall be members of that mutual association during their tenure of office. The number of directors shall be fixed by or in the manner provided in the bylaws of an association. If the board membership falls below the minimum number prescribed by law or otherwise, the association shall restore the board to its minimum size within 60 days. A director shall hold office until a successor is elected and qualifies, or until the director's resignation or removal. A director may resign by written notice to the association. A resignation is effective upon receipt by the association or at a subsequent time as set forth in the notice of resignation.
(2) The board shall meet not less than once each month for the purpose of carrying out the board's duties. The board shall cause to be spread upon the records of the association, in the record book which shall be kept for that purpose, the minutes of each meeting and all of the board's actions at the meeting. The minutes shall be signed by the presiding officer and the secretary of the meeting.
(3) If the supervisor considers it expedient, the supervisor may call a meeting of the board of an association for any purpose by giving notice of the time, place, and purpose of the meeting not less than 3 days before the meeting to the directors either by personal service or by registered or certified mail sent to the directors' last known addresses as shown by the records of the supervisor.
History: 1980, Act 307, Eff. Jan. 1, 1981