12-U.S.C.-71
§71 – Election
Pathway
Title 12 > Chapter 2 > Subchapter III > Section 71
Details
- Reference: Section 71
- Legend: §71 – Election
- USCode Year: 2013
Provision Content
The affairs of each association shall be managed by not less than five directors, who shall be elected by the shareholders at a meeting to be held at any time before the association is authorized by the Comptroller of the Currency to commence the business of banking; and afterward at meetings to be held on such day of each year as is specified therefor in the bylaws. The directors shall hold office for a period of not more than 3 years, and until their successors are elected and have qualified. In accordance with regulations issued by the Comptroller of the Currency, a national bank may adopt bylaws that provide for staggering the terms of its directors.
(R.S. §5145; Pub. L. 88–232, §1, Dec. 23, 1963, 77 Stat. 472; Pub. L. 106–569, title XII, §1205(a), Dec. 27, 2000, 114 Stat. 3033.)
Codification
R.S. §5145 derived from act June 3, 1864, ch. 106, §§9, 10, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.
Amendments
2000—Pub. L. 106–569 substituted for a period of not more than 3 years for for one year and inserted at end In accordance with regulations issued by the Comptroller of the Currency, a national bank may adopt bylaws that provide for staggering the terms of its directors.
1963—Pub. L. 88–232 substituted on such day of each year as is specified therefor in the bylaws for on such day in January of each year as is specified therefor in the articles of association.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-55 in the Legal Encyclopedia: Banking Law
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12-U.S.C.-65 in the Legal Encyclopedia: Credit Institutions
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12-U.S.C.-62 in the Legal Encyclopedia: Banks
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