Session of 2000
HOUSE BILL No. 2676
By Committee on Financial Institutions
1-20
9 AN ACT relating to banks and trust companies; concerning board of
10 directors; amending K.S.A. 1999 Supp. 9-1114 and repealing the ex-
11 isting section.
12
13 Be it enacted by the Legislature of the State of Kansas:
14 Section 1. K.S.A. 1999 Supp. 9-1114 is hereby amended to read as
15 follows: 9-1114. The business of any bank or trust company shall be man-
16 aged and controlled by its board of directors and this shall include the
17 authority to provide for bonus payments, in addition to ordinary compen-
18 sation for any or all of its officers and employees. The board shall consist
19 of not less than five nor more than 25 members who shall be elected by
20 the stockholders at any regular annual meeting which shall be held during
21 the first 120 days of each calendar year on such date of each calendar
22 year as the bank or trust company may specify in its bylaws. If the date
23 specified in the bylaws falls on a legal holiday, the meeting shall be held,
24 and the directors elected, on the next following business day. If for any
25 reason the election of directors is not made on the day fixed, or in the
26 event of a legal holiday, on the next business day, an election may be held
27 on any subsequent day within 60 days of the day fixed, to be designated
28 by the board of directors, or, if the directors fail to fix the day, by the
29 shareholders representing 2/3 of the shares. In all cases, at least 10 days'
30 notice of the date for the annual meeting shall have been given by first-
31 class mail to the shareholders. If the number of directors elected is less
32 than 25, the number of directors may be increased so long as the total
33 number does not exceed 25 and when the number is increased the first
34 additional directors may be elected at a special meeting of the stockhold-
35 ers. The directors shall be elected in the manner provided in the general
36 corporation code. Vacancies in the board of directors may be filled in the
37 manner provided in the general corporation code. A majority of the di-
38 rectors shall be residents of this state. Any director of any bank or trust
39 company who shall become indebted to such bank or trust company on
40 any judgment or charged off indebtedness shall forfeit such person's po-
41 sition as director and such vacancy shall be filled as provided by law.
42 Sec. 2. K.S.A. 1999 Supp. 9-1114 is hereby repealed.
2
1 Sec. 3. This act shall take effect and be in force from and after its
2 publication in the statute book.