362.265. Change of number of directors. - Missouri Statutes

Change of number of directors.

362.265. 1. The stockholders at any annual or specialmeeting, provided notice of the proposed change be given in thenotice of the meeting, may, by a majority of all the votes of thestockholders of the bank or trust company, change by resolutionthe number of its directors to such number, not less than fivenor more than thirty-five, as they may decide.

2. The directors at any regular or special meeting ofdirectors, by a two-thirds majority vote of the total numberthereof, may increase the number of directors by adding not morethan two additional directors during any one year unless theadded directors would increase the total number of directors tomore than thirty-five. The increase shall be effective onlyuntil the next regular stockholders' meeting, at which time thestockholders shall approve or reject such increase.

3. A copy of every stockholders' or directors' resolutionchanging the number of directors shall be immediately filed inthe office of the director of finance.

(RSMo 1939 § 7962, A.L. 1967 p. 445, A.L. 1980 H.B. 1195, A.L. 1981 S.B. 5 Revision)

Prior revisions: 1929 § 5367; 1919 § 11750

Effective 5-27-81