12 C.F.R. § 611.310 Eligibility for membership on bank and association boards and subsequent employment.
Title 12 - Banks and Banking
(a) No person shall be eligible for membership on a bank or association board who is or has been, within 1 year preceding the date the term of office begins, a salaried officer or employee of any bank or association in the System. (b) No bank or association director shall be eligible to continue to serve in that capacity and his or her office shall become vacant if after election as a member of the board, he or she becomes legally incompetent or is convicted of a felony or held liable in damages for fraud. (c) No bank director shall, within 1 year after the date when he or she ceases to be a member of the board, serve as a salaried officer or employee of such bank, or any association with which the bank has a discount or agent relationship. (d) No director of an association shall, within 1 year after he or she ceases to be a member of the board, serve as a salaried officer or employee of such association. [53 FR 50392, Dec. 15, 1988, as amended at 54 FR 37095, Sept. 7, 1989]
Title 12: Banks and Banking
PART 611—ORGANIZATION
Subpart C—Election of Directors and Other Voting Procedures
§ 611.310 Eligibility for membership on bank and association boards and subsequent employment.
