1997 Minnesota Statutes

     48.68 Directors; qualifications; vacancies, how filled. 

    A majority of the directors of a trust company must be 
 residents of this state.  Each shall take and subscribe an oath 
 to diligently and honestly perform the official duties of a 
 director and not knowingly violate, or permit to be violated, 
 any provision of law relating to trust companies.  The taking of 
 this oath must be noted on the minutes of the records of the 
 corporation and filed with the commissioner.  Failure of any 
 person selected as director to qualify creates a vacancy in the 
 board, and all vacancies in the board must be filled by the 
 qualified members.  However, not more than one-third of the 
 membership of the board may be so filled in any one year. 

    HIST: (7729) RL s 3034; 1919 c 30 s 1; 1965 c 171 s 21; 
 1Sp1981 c 4 art 4 s 62; 1983 c 250 s 7; 1986 c 444