Topic: Board of Directors (BOD)
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We are adding a new board member. Where can we find the oath of office?
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The Directors’ Oath is part of the National Bank Act, which applies only to national banks, and the Illinois Banking Act has no such requirement. The National Bank Act’s oath of office can be found here: 12 USC 73.
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Are there any laws governing how many meetings a director on a bank’s board of directors is required to attend?
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There are no Illinois laws mandating board member attendance at meetings, and note that attendance by teleconference is equivalent to in-person attendance. That said, if there is a high level of absenteeism, you may run into problems with regulators. We recommend that you have a policy in place regarding board member attendance. (For example, the…
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What are the notification requirements for replacing a retiring director?
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You should not have to make any reports to the IDFPR or to the FDIC about the change in director, provided that the new director is not obtaining control of the bank and a the bank is not in troubled condition (both of which would require 60 days’ written notice to the FDIC and/or to…
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Does the Illinois Banking Act require new directors to take the “Directors’ Oath?”
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The Directors’ Oath is part of the National Bank Act, which applies only to national banks, and the Illinois Banking Act has no such requirement. See 12 USC 73.