A subject institution shall, by resolution of its board, establish committees of such board (including, in case the subject institution is to engage in commercial banking business, a loan committee, an investment committee, and an audit committee and, in case the subject institution is to engage in trust business, a trust investment committee and a trust audit committee).

Note: Authority cited: Section 215, Financial Code. Reference: Chapter 3, Division 1, Financial Code.

History

1. Amendment of first paragraph, repealer of subsections (a)-(e), and new Note filed 4-7-97; operative 4-7-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15).