N.Y. Banking Law § 376 Proposed By-Laws

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Banking Law § 376

1. The incorporators shall subscribe and acknowledge and submit to the superintendent proposed by-laws in duplicate, which shall make provision for the following:

(a) The dates of regular meetings of shareholders; the notice, if any, to be given; the qualifications of voters and the manner of voting; the manner of calling special meetings; and the number of members which shall constitute a quorum.

(b) The number of directors, and their qualifications, other than those specified in this article; their terms of office, which shall not be less than one year nor more than three years, and if the terms of office be more than one year, the method of division into classes for the purpose of electing, as nearly as may be, an equal number of directors each year; and the removal or suspension of directors. The by-laws may provide that the number of directors shall be not less than seven nor more than fifteen, in which event the by-laws shall also provide the manner in which the number of directors shall be fixed within the minimum and maximum limits.

(c) The meetings of the board of directors, of which there shall be no less than ten regular monthly meetings per year, provided, however, that during any three consecutive calendar months the board of directors shall meet at least twice; its powers and duties; the appointment or election of auditors and their compensation; the establishment of policies governing the appointment of appraisers and their compensation.

(d) The officers; the manner of their election; their terms of office, duties and compensation; and the bonds which shall be required of officers.