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1995 SESSION

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SB 740 Stock ownership required of bank directors.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

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

HISTORY

• 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)