A meeting of the board of directors of a bank shall be called each month or each quarter. The deputy director shall designate for each bank whether the board shall meet monthly or quarterly. The deputy director may change the designation at any time without providing the bank advance notice. At the meetings, the board shall review the loans and investments and other material activities of the bank or review a report thereof prepared under the direction of the board as a regular item of business. The board shall keep minutes of all meetings including a record of attendance. If at any required meeting a majority of the members are not present, the bank shall notify the deputy director in writing of that fact.