§ 72. — Qualifications.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC72]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER III--DIRECTORS
Sec. 72. Qualifications
Every director must, during his whole term of service, be a citizen
of the United States, and at least a majority of the directors must have
resided in the State, Territory, or District in which the association is
located, or within one hundred miles of the location of the office of
the association, for at least one year immediately preceding their
election, and must be residents of such State or within one-hundred-mile
territory of the location of the association during their continuance in
office, except that the Comptroller may, in the discretion of the
Comptroller, waive the requirement of residency, and waive the
requirement of citizenship in the case of not more than a minority of
the total number of directors. Every director must own in his or her own
right either shares of the capital stock of the association of which he
or she is a director the aggregate par value of which is not less than
$1,000, or an equivalent interest, as determined by the Comptroller of
the Currency, in any company which has control over such association
within the meaning of section 1841 of this title. If the capital of the
bank does not exceed $25,000, every director must own in his or her own
right either shares of such capital stock the aggregate par value of
which is not less than $500, or an equivalent interest, as determined by
the Comptroller of the Currency, in any company which has control over
such association within the meaning of section 1841 of this title. Any
director who ceases to be the owner of the required number of shares of
the stock, or who becomes in any other manner disqualified, shall
thereby vacate his place.
(R.S. Sec. 5146; Feb. 28, 1905, ch. 1163, 33 Stat. 818; Mar. 1, 1921,
ch. 100, 41 Stat. 1199; Feb. 25, 1927, ch. 191, Sec. 17, 44 Stat. 1233;
Apr. 27, 1956, ch. 215, 70 Stat. 119; Pub. L. 95-369, Sec. 2, Sept. 17,
1978, 92 Stat. 608; Pub. L. 96-221, title VII, Sec. 710, Mar. 31, 1980,
94 Stat. 189; Pub. L. 103-325, title III, Sec. 313, Sept. 23, 1994, 108
Stat. 2221; Pub. L. 104-208, div. A, title II, Sec. 2241, Sept. 30,
1996, 110 Stat. 3009-418; Pub. L. 106-569, title XII, Sec. 1233(a), Dec.
27, 2000, 114 Stat. 3037.)
Codification
R.S. Sec. 5146 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 inserted before period at end of first
sentence ``, and waive the requirement of citizenship in the case of not
more than a minority of the total number of directors''.
1996--Pub. L. 104-208 substituted ``except that the Comptroller may,
in the discretion of the Comptroller, waive the requirement of
residency'' for ``except that in the case of an association which is a
subsidiary or affiliate of a foreign bank, the Comptroller of the
Currency may in his discretion waive the requirement of citizenship in
the case of not more than a minority of the total number of directors''
before period at end of first sentence.
1994--Pub. L. 103-325, which directed the substitution of ``a
majority'' for ``two thirds'', was executed by making the substitution
for ``two-thirds'' in first sentence to reflect the probable intent of
Congress.
1980--Pub. L. 96-221 inserted provisions setting forth additional
ownership requirements with respect to equivalent interest
determinations by the Comptroller of the Currency.
1978--Pub. L. 95-369 authorized the Comptroller of the Currency, in
case of associations which are subsidiaries of affiliates of foreign
banks, to waive citizenship requirements of not more than a minority of
the total number of directors.
1956--Act Apr. 27, 1956, substituted ``two-thirds'', ``one
hundred'', ``one-hundred-mile'', for ``three-fourths'', ``fifty'', and
``fifty-mile'', respectively.
1927--Act Feb. 25, 1927, substituted a minimum value of stock
ownership for minimum number of shares in both instances.
Section Referred to in Other Sections
This section is referred to in section 1821 of this title.
