Section 362.265

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 362

Effective - 27 May 1981, see footnote   

  362.265.  Change of number of directors. — 1.  The stockholders at any annual or special meeting, provided notice of the proposed change be given in the notice of the meeting, may, by a majority of all the votes of the stockholders of the bank or trust company, change by resolution the number of its directors to such number, not less than five nor more than thirty-five, as they may decide.

  2.  The directors at any regular or special meeting of directors, by a two-thirds majority vote of the total number thereof, may increase the number of directors by adding not more than two additional directors during any one year unless the added directors would increase the total number of directors to more than thirty-five.  The increase shall be effective only until the next regular stockholders' meeting, at which time the stockholders shall approve or reject such increase.

  3.  A copy of every stockholders' or directors' resolution changing the number of directors shall be immediately filed in the office of the director of finance.

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(RSMo 1939 § 7962, A.L. 1967 p. 445, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision)

Prior revisions: 1929 § 5367; 1919 § 11750

Effective 5-27-81