§ 75. — Legal holiday, annual meeting on; proceedings where no election held on proper day.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC75]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER III--DIRECTORS
Sec. 75. Legal holiday, annual meeting on; proceedings where no
election held on proper day
When the day fixed in the bylaws for the regular annual meeting of
the shareholders falls on a legal holiday in the State in which the bank
is located, the shareholders meeting shall be held, and the directors
elected, on the next following banking day. If, from any cause, an
election of directors is not made on the day fixed, or in the event of a
legal holiday, on the next following banking day, an election may be
held on any subsequent day within sixty days of the day fixed, to be
designated by the board of directors, or, if the directors fail to fix
the day, by shareholders representing two-thirds of the shares, at least
ten days' notice thereof in all cases having been given by first-class
mail to the shareholders.
(R.S. Sec. 5149; Pub. L. 86-230, Sec. 9, Sept. 8, 1959, 73 Stat. 457;
Pub. L. 88-232, Sec. 2, Dec. 23, 1963, 77 Stat. 472.)
Codification
R.S. Sec. 5149 derived from act June 3, 1864, ch. 106, Sec. 10, 13
Stat. 102, which was the National Bank Act. See section 38 of this
title.
Amendments
1963--Pub. L. 88-232 substituted ``bylaws'' for ``articles of
association''.
1959--Pub. L. 86-230 provided that when the day fixed for the
regular annual meeting of the shareholders falls on a legal holiday, the
meeting shall be held on the next following banking day and authorized
election of directors to be held within sixty days of a fixed day upon
ten days' notice to the shareholders by first-class mail instead of upon
thirty days' notice in newspaper and at a date designated in the
articles or bylaws or by the shareholders.
Section Referred to in Other Sections
This section is referred to in section 1821 of this title.
