TITLE 26

BANKS AND BANKING

CHAPTER 27

BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS

26-2726.  Disclosure to shareholders — Board of directors. (1) If, in the opinion of the director, disclosure to shareholders regarding a matter is warranted, the director may require a licensee, in such a form and manner as the director may specify, to disclose to the shareholders of a licensee the results of a communication or order from the director addressed to the licensee or to a subject person of the licensee.

(2)  If the director considers it expedient, the director may call a meeting of the board of directors of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each director either by personal service or by registered or certified mail sent to the director’s last known address as shown in the records of the director.

(3)  If the director considers it expedient, the director may call a meeting of the shareholders of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each shareholder either by personal service or by registered or certified mail sent to the shareholder’s last known address as shown by the books of the licensee. The licensee shall pay the expenses of the notice and of a meeting called under this subsection.

History:

[26-2726, added 1989, ch. 252, sec. 1, p. 621.]