{"data":{"id":"us-ny/n.y.-banking-law-7007","jurisdiction":"us-ny","citation":"N.Y. Banking Law § 7007","heading":"Quorum of directors","body":"§ 7007. Quorum of directors. 1. Subject to subdivision two of this\nsection, unless a greater proportion is required by the organization\ncertificate, a majority of the entire board shall constitute a quorum\nfor the transaction of business or of any specified item of business,\nexcept that the organization certificate or the by-laws may fix the\nquorum at less than a majority of the entire board but not less than\none-third thereof.\n  2. Notwithstanding any provision contained in its organization\ncertificate, a bank or trust company, stock-form savings bank, or\nstock-form savings and loan association may provide in its by-laws the\nnumber of directors necessary to constitute a quorum at meetings of its\nboard. Such number shall not be less than five nor less than one-third\nof the entire board except that a bank or trust company, stock-form\nsavings bank, or stock-form savings and loan association having not more\nthan seven directors may provide for a quorum of not less than a\nmajority of such directors.","path":["Banking Law","Article 15. General Provisions Applicable to Banking Stock Corporations, Limited Liability Investment Companies, and Limited Liability Trust Companies","Title 7. Directors and Officers"],"source_url":"https://legislation.nysenate.gov/api/3/laws/BNK/7007","current_through":"2026-09-11","vintage":"","retrieved_at":"2026-09-14T19:32:44Z","sha256":"4be789061c7f9dd1c9133ad4790bcd65fb4d740ac1ead733220c5f6210767c97","source_id":"us-ny","stale":false,"prev":"us-ny/n.y.-banking-law-7006","next":"us-ny/n.y.-banking-law-7008"},"notice":"GroundRules: Original legal text. Not legal advice."}