HOUSE BILL No. 2695
An Act relating to banks and banking; concerning the
board of directors; amending
K.S.A. 9-1114 and repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 9-1114 is hereby
amended to read as follows: 9-
1114. The business of any bank or trust company shall be managed
controlled by its board of directors and this shall include the
provide for bonus payments, in addition to ordinary compensation
or all of its officers and employees. The board shall consist of
than five nor more than 25 members who shall be elected by the
holders at any regular annual meeting which shall be held on such
of each calendar year as the bank or trust company may specify in
bylaws. If the date specified in the bylaws falls on a legal
meeting shall be held, and the directors elected, on the next
business day. If for any reason the election of directors is not
the day fixed, or in the event of a legal holiday, on the next
an election may be held on any subsequent day within 60 days of the
fixed, to be designated by the board of directors, or, if the
to fix the day, by the shareholders representing 2/3 of the shares.
cases, at least 10 days' notice of the date for the annual meeting
have been given by first-class mail to the shareholders. If the
directors elected is less than 25, the number of directors may be
so long as the total number does not exceed 25 and when the number
increased the first additional directors may be elected at a
of the stockholders. The directors shall be elected in the manner
in the general corporation code. Vacancies in the board of
be filled in the manner provided in the general corporation code. A
jority of the directors shall be residents of this state. Any
director of any
bank or trust company who shall become indebted to such bank or
company on any judgment or whose indebtedness is charged off
edness or forgiven shall forfeit such
person's position as director and such
vacancy shall be filled as provided by law.
Sec. 2. K.S.A. 9-1114 is hereby repealed.
Sec. 3. This act shall take effect and be in force
from and after its
publication in the statute book.
Approved March 27, 2002.