Public Law 66–100

That Section 5146 of the Revised statutes of the United States be so amended as to read as follows:

“Sec.. 5146.

Every director must, during his whole term of service, be

Qualifications of directors.

Vol.33, p. 818, amended.

Residence requirement modified.

a citizen of the United States, and at least three-fourths of the directors must have resided in the State, Territory, or District in which the association is located, or within fifty 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 a fifty-mile territory of the location of the association during their continuance in office. Every director must own in his own right at least ten

Stock ownership.

shares of the capital stock of the association of which he is a director, unless the capital of the bank shall not exceed $25,000, in which case he must own in his own right at least five shares of such capital stock. 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.”

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