Utah Code 7-8-19. Meetings of the board of directors
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(1) A quorum of the board of directors of each industrial bank shall meet at least once each quarter.
Terms Used In Utah Code 7-8-19
- Bank: means a person authorized under the laws of this state, another state, or the United States to accept deposits from the public. See Utah Code 7-1-103
- Industrial bank: means a corporation or limited liability company conducting the business of an industrial bank under Chapter 8, Industrial Banks. See Utah Code 7-1-103
- Quorum: The number of legislators that must be present to do business.
(2) Minutes of each meeting of the board of directors shall be:
(2)(a) kept by the secretary of the industrial bank; and
(2)(b) maintained at the head office of the industrial bank.