§ 7007 — Quorum of directors

New York § 7007

• Jurisdiction: New York
• Law BNK: Banking
• Title 7: Directors and Officers
• Art. 15: General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies

Text

§ 7007. Quorum of directors. 1. Subject to subdivision two of this\nsection, unless a greater proportion is required by the organization\ncertificate, a majority of the entire board shall constitute a quorum\nfor the transaction of business or of any specified item of business,\nexcept that the organization certificate or the by-laws may fix the\nquorum at less than a majority of the entire board but not less than\none-third thereof.\n 2. Notwithstanding any provision contained in its organization\ncertificate, a bank or trust company, stock-form savings bank, or\nstock-form savings and loan association may provide in its by-laws the\nnumber of directors necessary to constitute a quorum at meetings of its\nboard. Such number shall not be less than five nor less than one-third\nof the entire board except that a bank or trust company, stock-form\nsavings bank, or stock-form savings and loan association having not more\nthan seven directors may provide for a quorum of not less than a\nmajority of such directors.\n