§ 71a. — Number of directors; penalties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC71a]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER III--DIRECTORS
Sec. 71a. Number of directors; penalties
After one year from June 16, 1933, notwithstanding any other
provision of law, the board of directors, board of trustees, or other
similar governing body of every national banking association and of
every State bank or trust company which is a member of the Federal
Reserve System shall consist of not less than five nor more than twenty-
five members, except that the Comptroller of the Currency may, by
regulation or order, exempt a national bank from the 25-member limit
established by this section. If any national banking association
violates the provisions of this section and continues such violation
after thirty days' notice from the Comptroller of the Currency, the said
Comptroller may appoint a receiver or conservator therefor, in
accordance with the provisions of existing law. If any State bank or
trust company which is a member of the Federal Reserve System violates
the provisions of this section and continues such violation after thirty
days' notice from the Board of Governors of the Federal Reserve System,
it shall be subject to the forfeiture of its membership in the Federal
Reserve System in accordance with the provisions of section 327 of this
title.
(June 16, 1933, ch. 89, Sec. 31, 48 Stat. 194; June 16, 1934, ch. 546,
Sec. 4, 48 Stat. 971; Aug. 23, 1935, ch. 614, title II, Sec. 203(a),
title III, Sec. 306, 49 Stat. 704, 708; Pub. L. 106-569, title XII,
Sec. 1205(b), Dec. 27, 2000, 114 Stat. 3034.)
Amendments
2000--Pub. L. 106-569 inserted before period at end of first
sentence ``, except that the Comptroller of the Currency may, by
regulation or order, exempt a national bank from the 25-member limit
established by this section''.
1935--Act June 16, 1934, as amended by act Aug. 23, 1935, Sec. 306,
repealed a former provision of this section relating to stock ownership
requirements of directors, trustees, or members of similar governing
bodies of any national banking association, or of any State bank or
trust company which is a member of the Federal Reserve System.
1934--Act June 16, 1934, repealed a former provision of this section
relating to stock ownership requirements of directors, trustees, or
members of similar governing bodies of member banks of the Federal
Reserve System.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
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.
