393 chapters · 3,941 sections in this title.
Ind. Code § 5-1.4-2-2 Board of directors; establishment; membership; appointment; vacancy
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Sec. 2. (a) There is established a board of directors to govern the bank. The powers of the bank are vested in this board. (b) The board is composed of five (5) directors appointed by the mayor of the city. (c) Each of the five (5) directors appointed by the mayor: (1) must be a …
Ind. Code § 5-1.4-2-3 Duties of board
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Sec. 3. The board shall do the following: (1) Elect from its membership a chairman and a vice chairman. (2) Appoint and fix the duties and compensation of an executive director, who shall serve as both secretary and treasurer. The executive director may be the fiscal officer of t…
Ind. Code § 5-1.4-2-4 Quorum
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Sec. 4. Three (3) directors constitute a quorum at any meeting of the board. As added by P.L.42-1985, SEC.1.
Ind. Code § 5-1.4-2-5 Action by affirmative vote of three directors; effect of vacancy
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Sec. 5. Action may be taken by the board at a meeting by the affirmative vote of at least three (3) directors. A vacancy on the board does not impair the right of a quorum of directors to exercise the powers and perform the duties of the board. As added by P.L.42-1985, SEC.1.