(a) The governing body shall hold at least six meetings each year at a time fixed in the internal governance documents, which shall be held at least once each quarter. In any month in which the governing body does not meet, the executive committee permitted under subsection 13403(c) of this title shall meet and a record of the meeting of the executive committee shall be ratified at the next meeting of the governing body.

(b) A quorum at any meeting shall consist of not less than a majority of the governing body, but less than a quorum shall have power to adjourn from time to time until the next duly called meeting.

(c) At least once each month and at each regular meeting, the treasurer shall prepare a financial statement, showing the condition of the financial institution, which shall be recorded in a book kept for that purpose, and at all times shall be open to the inspection of the governing body and the Commissioner. A record shall be made at each meeting of the transactions of the governing body and the names of the directors present.

(d) Full and complete records of all meetings of the governing body shall be kept and maintained. (Added 1999, No. 153 (Adj. Sess.), § 2, eff. Jan. 1, 2001.)