§ 7013 — Officers

New York § 7013

• 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

§ 7013. Officers. 1. The board of every corporation, at the annual\nmeeting of such board following each annual meeting of stockholders,\nshall elect a president (who, in the case of a bank or trust company,\nstock-form savings bank, or stock-form savings and loan association,\nshall be from its own number) and shall also elect one or more vice\npresidents and such other officers as are required by the by-laws to be\nelected annually. It may from time to time fill vacancies in the offices\nof any officers so elected, and elect or appoint such other officers as\nit may determine or as may be provided in the by-laws. Where a\ncorporation shall elect a chief executive officer in lieu of a\npresident, whose duties and functions are substantially the same as\nthose of a president, such chief executive officer shall be deemed to be\na president for purposes of this chapter.\n 2. Each officer shall hold office for the term for which he is elected\nor appointed, and until his successor has been elected or appointed and\nqualified.\n 3. Any two or more offices may be held by the same person, except the\noffices of president and secretary.\n 4. The board may require any officer to give security for the faithful\nperformance of his duties.\n 5. All officers as between themselves and the corporation shall have\nsuch authority and perform such duties in the management of the\ncorporation as may be provided in the by-laws or, to the extent not so\nprovided, by the board.\n