§ 1172 Board Meeting Requirements

• •Board must meet at least once every calendar quarter.
• •Regular (normal) meetings have to be held inside the state.
• •A meeting can be held anywhere if all board members sign a written consent before or after the meeting.
• •Special meetings need 4 days’ notice by mail or 24 hours’ notice by phone/telegraph, unless the company’s rules say otherwise.

The board of a local bank meets in the bank’s office in the state for its regular quarterly meeting. Later, the board needs to discuss an urgent issue, so they hold a special meeting over the phone after giving everyone a 24‑hour heads‑up.

The regular meeting follows the rule that it must be in the state and happen at least quarterly. The special phone meeting follows the rule that a special meeting can be held anywhere if everyone gets at least a 24‑hour notice by phone.