SB 740 Stock ownership required of bank directors.
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Stock ownership required of bank directors. Requires a person elected or reelected a director of a bank after July 1, 1995, to own stock in such bank having a book value of at least $5,000. Under current law, such bank directors are required to own an amount of stock, based on its par value, in proportion to the bank's capital stock. According to the State Corporation Commission, the current requirement can be a problem in situations when the par value is relatively small and the bank has substantial capital. Obsolete categories of bank capital are eliminated.

Full text:
01/13/95  Senate: Presented & ordered printed LD0663845  pdf
02/14/95  Senate: Bill text as passed Senate and House (SB740ER)  pdf
03/10/95  Governor: Acts of Assembly Chapter text (CHAP0063)  pdf

01/13/95  Senate: Presented & ordered printed LD0663845
01/13/95  Senate: Referred to Committee on Commerce and Labor
01/23/95  Senate: Reported from Commerce and Labor (14-Y 0-N)
01/24/95  Senate: Constitutional reading dispensed (40-Y 0-N)
01/24/95  Senate: VOTE: CONST. READING DISPENSED (40-Y 0-N)
01/25/95  Senate: Read second time and engrossed
01/26/95  Senate: Read third time and passed Senate (35-Y 0-N 4-A)
01/26/95  Senate: VOTE: PASSAGE (35-Y 0-N 4-A)
01/26/95  Senate: Rec. of passage agreed to by Senate (39-Y 0-N)
01/26/95  Senate: VOTE: RECONSIDER (39-Y 0-N)
01/26/95  Senate: Passed Senate (33-Y 0-N 6-A)
01/26/95  Senate: VOTE: PASSAGE (33-Y 0-N 6-A)
01/26/95  Senate: Communicated to House
01/27/95  House: Placed on Calendar
01/30/95  House: Read first time
01/30/95  House: Referred to Committee on Corporations, Insurance and Banking
02/09/95  House: Reported from Corp., Ins. & Banking (20-Y 0-N)
02/10/95  House: Read second time
02/13/95  House: Read third time
02/13/95  House: Passed House (91-Y 0-N)
02/13/95  House: VOTE: PASSAGE (91-Y 0-N)
02/14/95  Senate: Bill text as passed Senate and House (SB740ER)
02/21/95  Senate: Enrolled
02/22/95  House: Signed by Speaker
02/23/95  Senate: Signed by President
03/07/95  Governor: Approved by Governor-Chapter 63 (effective 7/1/95)
03/10/95  Governor: Acts of Assembly Chapter text (CHAP0063)