Common use of Board Supervision Clause in Contracts

Board Supervision. (1) Within one hundred twenty (120) days of the date of this Agreement, the Board shall strengthen its supervision presently being provided to the Bank by, at a minimum: (a) assessing the strengths and weaknesses of each member of the Board and the Board as a whole; (b) making additions to or deletions from the membership of the Board if any weaknesses identified in subparagraph (1)(a) of this Article cannot be timely and effectively addressed through the education program described in paragraph (3) of this Article; and (c) correcting or eliminating any other deficiencies in the supervision or organizational structure of the Bank. The Board shall document in writing its actions to comply with the requirements of paragraph (1) of this Article. (2) Within thirty (30) days of the date of this Agreement, and on an ongoing basis thereafter, the Board shall ensure that management keeps the Board appropriately, adequately, and timely informed on the Bank’s operations to enable the Board members to fulfill their fiduciary responsibilities, their responsibilities under this Agreement, and other responsibilities under law. (3) Within one hundred twenty (120) days of the date of this Agreement, the Board shall develop, adopt, implement, and thereafter adhere to, a written education program designed to strengthen weaknesses identified in the assessment required by subparagraph (1)(a) of this Article and to ensure the Board members have the knowledge and skills to fulfill their fiduciary responsibilities, their responsibilities under this Agreement, and other responsibilities under law. (4) The Board shall reassess its supervision of the Bank at least annually, or more frequently if necessary or if required by the Assistant Deputy Comptroller in writing. This reassessment shall, at a minimum, comply with the requirements of paragraph (1) of this Article. The Board shall document in writing all reassessments.

Board Supervision. (1) Within one hundred twenty ninety (12090) days of the date of this Agreement, the Board shall strengthen its supervision presently being provided to the Bank by, at a minimum: (a) assessing the strengths and weaknesses of each member of the Board and the Board as a whole; (b) making additions to or deletions from the membership of the Board if any weaknesses identified in subparagraph (1)(a) of this Article cannot be timely and effectively addressed through the education program described in paragraph subparagraph (31)(b) of this Article; and (c) correcting or eliminating any other deficiencies in the supervision or organizational structure of the Bank. The Board shall document in writing its actions to comply with the requirements of paragraph paragraph one (1) of this Article. (2) Within thirty (30) days of the date of this Agreement, and on an ongoing basis thereafter, the Board shall ensure that management keeps the Board appropriately, adequately, and timely informed on the Bank’s operations to enable the Board members to fulfill their fiduciary responsibilities, their responsibilities under this Agreement, and other responsibilities under law. (3) Within one hundred twenty ninety (12090) days of the date of this Agreement, the Board shall develop, adopt, implement, and thereafter adhere to, a written education program designed to strengthen weaknesses identified in the assessment required by subparagraph (1)(a) of this Article and to ensure the Board members have the knowledge and skills to fulfill their fiduciary responsibilities, their responsibilities under this Agreement, and other responsibilities under law. (4) The Board shall reassess its supervision of the Bank at least annually, or more frequently if necessary or if required by the Assistant Deputy Comptroller in writing. This reassessment shall, at a minimum, comply with the requirements of paragraph one (1) of this Article. The Board shall document in writing all reassessments.