Effective - 28 Aug 1967
362.253. Two or more directors to constitute an executive committee — when. — If the bylaws so provide, the board of directors, by resolution adopted by a majority of the whole board, may designate two or more directors to constitute an executive committee, which committee, to the extent provided in the resolution or in the bylaws of the bank or trust company, shall have and exercise all of the authority of the board of directors in the management of the bank or trust company; but the designation of the committee and the delegation thereto of authority shall not operate to relieve the board of directors, or any member thereof, of any responsibility imposed upon him by this chapter.
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(L. 1967 p. 445)