<html> <head> <title>Rule 20:07:03:18.01 Number and frequency of board meetings -- Exception.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:03:18.01"> <META NAME="Description" Content="Administrative Rules 20:07:03:18.01 Number and frequency of board meetings -- Exception."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:03:18.01.&nbsp;&nbsp;Number and frequency of board meetings -- Exception.</b> A bank must establish through its bylaws that its board of directors hold meetings in a timely manner as is prudent, but not less than four meetings annually. The director, at the director's discretion, may require the bank to hold meetings of its board of directors more frequently than is provided for in its bylaws.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 16 SDR 102, effective December 21, 1989; 25 SDR 72, effective November 19, 1998.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-3-34">51A-3-34.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-3-34">51A-3-34.</A></p> </div> </body> </html>