Executive Committee of Banks

Department of Justice. Opinion to Hon. John W. Morrison, First Deputy Secretary of Banking.

Brown, Dep. Att’y-Gen.,

— This department is in receipt of your letter asking to “be advised whether or not the cashier of a bank incorporated under the Act of May 13, 1876, P. L. 161, can act as a member of the executive committee of a bank, which committee is composed of two directors and the cashier, if eligible.”

Section 12 of the Act of May 13, 1876, P. L. 161, provides: “That the affairs of every corporation organized under this act shall be managed by not less than five directors, one of whom shall…