Montana Code 32-2-1213. Board of directors — lack of quorum — temporary board members
32-2-1213. Board of directors — lack of quorum — temporary board members. (1) If at any time because of the suspension or removal of one or more board members pursuant to this part the board of directors of an institution has less than a quorum of board members not suspended or removed, all powers and functions vested in or exercisable by the board vest in and are exercisable by the board members not suspended or removed until a time when there is a quorum of the board members.
Terms Used In Montana Code 32-2-1213
- Commissioner: means the commissioner of banking and financial institutions as provided in 32-1-211. See Montana Code 32-2-603
- Institution: means a state mutual association. See Montana Code 32-2-1201
- Quorum: The number of legislators that must be present to do business.
(2)If all of the board members have been suspended or removed, the commissioner shall appoint persons to serve temporarily as board members, pending the termination of the suspensions or removals or until a time when their successors are duly elected and take office.