Transfer books — fixing record date

1. The board of directors of a state bank shall cause adequate stock transfer books to be maintained. 2. The bylaws or, in the absence of an applicable bylaw, the board of directors may fix or provide the manner of fixing, the record date for any determination of shareholders entitled to notice of a shareholder’s meeting, to demand a special meeting, to vote, or to take any other action at a meeting of shareholders. A record date fixed under this section shall not be more than seventy days and, in the case of a meeting of shareholders, not less than ten days before the date of the meeting or particular action requiring the determination of shareholders and shall not be retroactive. If a record date is not fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the board of directors declaring such dividend is adopted, as the case may be, shall be the record date for the determination of shareholders. If a determination of shareholders entitled to vote at any meeting of shareholders has been made as provided in this section, the determination applies to any adjournment of the meeting.