§ 11-109-501 — Directors' meetings - duties

Colorado § 11-109-501

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Trust Companies

Text

(1) The board of directors of a trust
company shall meet at least quarterly. A special meeting of the board of directors
may be called by the banking board. The board of directors shall maintain minutes
of each meeting including the record of attendance. A director who fails to attend
three consecutive meetings of the board of directors shall cease to be a director
unless such absence is satisfactorily explained to the banking board.

(2) The board of directors shall establish the policies and procedures
necessary for the proper exercise of fiduciary powers by the trust company. In
discharging this responsibility, the board of directors may assign, by action duly
entered in the minutes, the administration of the trust company's powers as the
board of directors may consider proper to assign to any director, officer, employee,
or committee as it may designate.

(3) The board of directors of a trust company may declare dividends from
retained earnings and from other components of capital specifically approved by
the banking board so long as the declaration is made in compliance with the rules
established by the banking board.

Legislative History

Source: L. 2003: Entire article added with relocations, p. 1192, � 3, effective July 1.