Trust company board members, minimum number reduced.
be amended to read as follows:
The business of any trust company shall be managed and controlled by its
governing board and includes the authority to provide for bonus payments, in addition to ordinary
compensation, for any of its officers and employees. The governing board shall consist of not less
nor more than twelve members, all of whom shall be elected by the owners of the
trust company at any regular annual meeting that is held during the first one hundred twenty days
of each calendar year. If the number of board members elected is less than twelve, the number of
board members may be increased so long as the total number does not exceed twelve. If the
number is increased, the first additional board members may be elected at a special meeting of the
owners. The board members shall be elected and any vacancies filled in the manner as provided
in the provisions regarding general corporations or limited liability companies, as applicable. At
all times one of the directors shall be a resident of this state and at least two-thirds of the directors
shall be citizens of the United States. Any board member of any trust company who becomes
indebted to the trust company on any judgment shall forfeit the position of board member
vacancy shall be filled as provided by law.