N.Y. Banking Law § 7007: Quorum of directors

§ 7007. Quorum of directors. 1. Subject to subdivision two of this

section, unless a greater proportion is required by the organization

certificate, a majority of the entire board shall constitute a quorum

for the transaction of business or of any specified item of business,

except that the organization certificate or the by-laws may fix the

quorum at less than a majority of the entire board but not less than

one-third thereof.

2. Notwithstanding any provision contained in its organization

certificate, a bank or trust company, stock-form savings bank, or

stock-form savings and loan association may provide in its by-laws the

number of directors necessary to constitute a quorum at meetings of its

board. Such number shall not be less than five nor less than one-third

of the entire board except that a bank or trust company, stock-form

savings bank, or stock-form savings and loan association having not more

than seven directors may provide for a quorum of not less than a

majority of such directors.