§ 7008 — Action by the board

New York § 7008

• 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

§ 7008. Action by the board. 1. Any reference in this chapter to\ncorporate action to be taken by the board, other than the approval\nrequired by section five hundred eleven of this chapter, shall mean such\naction at a meeting of the board. Except as otherwise provided in this\nchapter, the vote of a majority of the directors present at the time of\nthe vote, if a quorum is present at such time, shall be the act of the\nboard.\n 2. When authorized by the organization certificate of incorporation or\nthe by-laws, any one or more members of the board or any committee\nthereof may participate in a meeting of such board or committee by means\nof a conference telephone or similar communications equipment allowing\nall persons participating in the meeting to hear each other at the same\ntime. Participation by such means shall constitute presence in person at\na meeting.\n 3. The superintendent shall have the power to determine by regulation\nthe circumstances under which any action required or permitted to be\ntaken at any meeting of the board of directors of a banking organization\nmay be taken without a meeting if all members of the board consent\nthereto in writing and the resolution and written consents thereto are\nfiled with the minutes of the proceedings of the board.\n