§ 28-6.1-3-5 — Vacancies; elections; qualifications of successors

Indiana § 28-6.1-3-5

• Jurisdiction: Indiana
• Art. 6.1: SAVINGS BANKS
• Ch. 3: The Board of Trustees of Savings Banks Organized,

Text

(a) A vacancy on the board of the savings bank
is created if any of the following applies to a trustee:
(1) The trustee dies.
(2) The trustee resigns.
(3) The trustee is unable to discharge duties because of
incapacity.
(4) The trustee moves from the county where the saving bank is
located.
(5) The trustee becomes insolvent.
(6) The trustee fails for nine (9) successive months to attend the
regular meetings of the board.
(b) The remaining trustees shall fill a vacancy created under
subsection (a) by electing a successor by ballot.
(c) An election under subsection (b) may be held at a regular
meeting of the board or at a special meeting of which the remaining
trustees have been given notice.
(d) A successor is elected upon a majority vote of the remaining
trustees.
(e) A successor must possess the qualifications set forth in section
4 of this chapter.

Legislative History

As added by P.L.42-1993, SEC.72.