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General Laws

Section 11. A regular meeting of the board of trustees of such corporation shall be held at least once in three months, for the purposes set forth in this section and for the transaction of other business. Special meetings may be called by the president, or shall be called by the clerk if requested in writing by at least three trustees. Notices of meetings shall be given in the manner and to the extent provided in the by-laws. Unless the articles of incorporation or the by-laws otherwise provide, members of the board of trustees or any committee designated thereby may participate in a meeting of such board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting may simultaneously hear each other, and participation by such means shall constitute presence in person at a meeting. Members may transmit any written authorizations that may be required during the meeting by electronic facsimile or other commercially acceptable transmission. A quorum shall consist of not less than a majority of the trustees, and if there be less than a quorum then a majority of those present may adjourn the meeting until the next regular meeting or until another time or times prior thereto. At each regular meeting the following action shall be taken:—

1. Statement of Condition. — The treasurer shall submit a statement of assets and liabilities of the corporation showing its condition as appears from its books, as of the close of the last business day of the preceding month or as of the close of a business day not more than ten days prior to the date of the meeting; and a copy of such statement shall be posted in a conspicuous place in its main office and in each office where it may be easily read by the public, and shall there remain until the next regular meeting of said board.

2. Report of Board of Investment. — The chief executive officer or chief financial officer or board of investment shall submit a report summarizing loan activity, investment activity, loans in arrears, foreclosure actions, changes to reserve requirements, and deposit activity, for the period since the last regular meeting of the trustees. Said report shall be presented to the trustees present at the meeting or a copy of the report shall be furnished to each trustee. A summary of said report containing a recapitulation of the several items, and such other portion of the contents as may be determined at the meeting, shall be read or presented to the trustees present thereat. Upon application in writing by the corporation the commissioner in his discretion may waive or modify the list of transactions to be included in such report.

Said report shall be presented to the trustees present at the meeting or a copy thereof shall be furnished to each such trustee. A summary of said report containing a recapitulation of the several items, and such other portion of the contents thereof as may be determined at the meeting, shall be read or presented to the trustees present thereat.

Upon application in writing by any such corporation the commissioner may waive or modify the information in clauses (a) and (b) to be included in such report.

3. Report of Payments. — The treasurer shall report at each regular meeting, in detail, amounts paid by the corporation since the last regular meeting for services, fees or otherwise, to any member of the board of trustees and increases in salaries of officers granted since the last regular meeting; and shall report annually, at the first regular meeting of the trustees, following the annual meeting, the salaries, including bonuses if any, of officers.

4. Records. — A record shall be made by the clerk at each meeting of the transactions of the trustees and of the names of those present, and a copy of the aforesaid report of the board of investment shall be filed and preserved with the records of the corporation.

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