Chapter 2

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Give at least 3 Requirements for Organizing a Bank

A. Guiding Principle B. The Application C. Capital Requirements/Stockholdings D. Incorporators/Subscribers, Directors and Officers E. Requirements for the Issuance of Authority to Operate F. Inauguration/Opening of the Bank for Business after the Certificate of Authority to operate has been issued G. Requirements within 30 Days after First Day of Operations H. Revocation of Authority to Establish a Bank

How many forms need to be completed to organize a bank?

3 or three

is a written statement created by the board of directors of a company detailing a binding corporate action. It will be found in the board meeting minutes although its form and structure can vary.

Board Resolution

is an agreement to buy a new issue of a security before it is actually issued. Before a new issue, underwriters canvass potential investors, who may or may not make an order to buy a portion of the new issue

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are shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors

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Qualifications of a director. A director shall have the following minimum qualifications: He shall be at least ____ years age at the time of his election or appointment

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For commercial banks, the President must, in addition to the abovementioned minimum qualifications, have at least ___ years experience in banking and/or finance.

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Give at least 3 Role of a Board of Director

a. Recruit, supervise, retain, evaluate and compensate the manager. b. Provide direction for the organization. c. Establish a policy based governance system. d. Govern the organization and the relationship with the CEO e. Fiduciary duty to protect the organization’s assets and member’s investment. f. Monitor and control function. Signup and view all the answers

advise individual bank clients and businesses on investments. For example, they might advise clients on stocks and bonds they can invest in to grow their pension plans or retirement portfolios.

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are often among the first people that customers see when they enter a bank.

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Chapter 2

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Give at least 3 Requirements for Organizing a Bank

How many forms need to be completed to organize a bank?

is a written statement created by the board of directors of a company detailing a binding corporate action. It will be found in the board meeting minutes although its form and structure can vary.

is an agreement to buy a new issue of a security before it is actually issued. Before a new issue, underwriters canvass potential investors, who may or may not make an order to buy a portion of the new issue

are shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors

Qualifications of a director. A director shall have the following minimum qualifications: He shall be at least ____ years age at the time of his election or appointment

For commercial banks, the President must, in addition to the abovementioned minimum qualifications, have at least ___ years experience in banking and/or finance.

Give at least 3 Role of a Board of Director

advise individual bank clients and businesses on investments. For example, they might advise clients on stocks and bonds they can invest in to grow their pension plans or retirement portfolios.

are often among the first people that customers see when they enter a bank.

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