81-5-47 - Directors may contract to sell stock while continuing to serve.
§ 81-5-47. Directors may contract to sell stock while continuing to serve.
Any director of a bank or other banking corporation while serving in such capacity may enter into a contract or option providing for the sale of his or her stock at such time as he or she ceases, by death or otherwise, to be a director thereof.
Sources: Codes, 1942, § 5199.5; Laws, 1966, ch. 256, § 1, eff from and after passage (approved May 26, 1966).