1. (a) The board of directors of a state bank or credit union shall meet on a regular basis as often as necessary but not less than the minimum number of meetings required by applicable law.
2. (b) Minutes of each meeting shall be kept, showing the names of the directors who are present and describe the activities, matters discussed, and votes taken at the meeting.
3. (c) The attendance of a majority of the board of directors shall be required for a quorum to conduct business.
4. (d) The board of directors shall adopt a policy providing standards for determining the number of absences by directors from meetings of the board or the committees which could result in the removal of a director from office.

Source. 2015, 272:16, eff. Oct. 1, 2015.