§ 71. — Election.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC71]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER III--DIRECTORS
Sec. 71. Election
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. Sec. 5145; Pub. L. 88-232, Sec. 1, Dec. 23, 1963, 77 Stat. 472;
Pub. L. 106-569, title XII, Sec. 1205(a), Dec. 27, 2000, 114 Stat.
3033.)
Codification
R.S. Sec. 5145 derived from act June 3, 1864, ch. 106, Secs. 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.
Section Referred to in Other Sections
This section is referred to in section 1821 of this title.
