1. Except as otherwise provided in subsection 3, the affairs and business of a retail trust company organized as a corporation under the laws of this State must be managed or controlled by a board of directors of not less than five in number who must be selected by the stockholders at the annual meeting of stockholders in such manner as may be provided by the bylaws of the corporation. 2. Except as otherwise provided in subsection 3, the affairs and business of a retail trust company organized as a limited-liability company under the laws of this State must be managed or controlled by no fewer than five managers selected from the members as provided in the operating agreement. 3. The Commissioner may authorize a retail trust company to be managed or controlled by no fewer than three directors or managers, as appropriate. 4. The board of directors or managers of a noncustodial trust company must be not less than three in number unless a smaller number is authorized by the Commissioner.
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