(1) At annual meetings the members shall elect from their number a board of directors consisting of an odd number of not less than five members. (2), The board of directors of every bank shall hold at least one regular meeting every three months.Minutes should summarize, rather than transcribe verbatim, what occurred at a board or committee meeting. Here, you'll discover everything you need to know about board meeting minutes and how to take them with examples and a meeting minutes template. Minutes are a record of the action and deliberations of a board or committee. As such, minutes need to reflect the basics of board action. I am in the process of doing a director's loan to my own Ltd business, and my solicitor has said I need to provide minutes from a board meeting approving this. Minutes should be complete, concise, and accurate. Be provided to the members of the Board and will be included in the meeting minutes. The board may form other ad hoc committees as needed to carry out its business.