Section 7007. Quorum of directors

1. Subject to subdivision two of this
  section, unless a greater proportion is  required  by  the  organization
  certificate,  a  majority  of the entire board shall constitute a quorum
  for the transaction of business or of any specified  item  of  business,
  except  that  the  organization  certificate  or the by-laws may fix the
  quorum at less than a majority of the entire board  but  not  less  than
  one-third thereof.
    2.   Notwithstanding  any  provision  contained  in  its  organization
  certificate, a bank  or  trust  company,  stock-form  savings  bank,  or
  stock-form  savings  and loan association may provide in its by-laws the
  number of directors necessary to constitute a quorum at meetings of  its
  board.  Such  number shall not be less than five nor less than one-third
  of the entire board except that a  bank  or  trust  company,  stock-form
  savings bank, or stock-form savings and loan association having not more
  than  seven  directors  may  provide  for  a  quorum  of not less than a
  majority of such directors.