Title 12 — Banks and Banking
Chapter 2 — National Banks
§ 71. Election
Statutory text
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.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
R.S. § 5145
Enacted · 12 U.S.C. § 71
R.S. § 5145
Unresolved: No Public Law or Statutes at Large citation in the Code source.
Source evidence
Code source credit
R.S. § 5145Pub. L. 88–232 § 1 · 77 Stat. 472
Substituted · 12 U.S.C. § 71
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”
Source evidence
Code amendment note
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”.Financial Regulatory Relief and Economic Efficiency Act of 2000
Pub. L. 106–569 title XII § 1205(a) · 114 Stat. 2944
Substituted · 12 U.S.C. § 71
Pub. L. 106–569 substituted “for a period of not more than 3 years” for “for one year”
Inserted · 12 U.S.C. § 71
Pub. L. 106–569 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.”
Source evidence
Code amendment note
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.”Enacted provision · exact public law section
(a) Amendments to the Revised Statutes.— Section 5145 of the Revised Statutes of the United States (12 U.S.C. 71) is amended— (1) by striking “for one year” and inserting “for a period of not more than 3 years”; and (2) by adding at the end the following: “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.”.
2 of 4 references resolved to an enrolled provision · 1 partial · 1 unresolved
Editorial Notes
Codification
R.S. § 5145 derived from act June 3, 1864, ch. 106, §§ 9, 10, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.
Amendments1963–2000 · 2 rounds
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”.
Executive Documents
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.
Credits
1963–2000 · 3 acts
- R.S. § 5145
- 1963Pub. L. 88–232, § 1, , 77 Stat. 472
- 2000Pub. L. 106–569, title XII, § 1205(a), , 114 Stat. 3033.
Show as published
(R.S. § 5145; Pub. L. 88–232, § 1, , 77 Stat. 472; Pub. L. 106–569, title XII, § 1205(a), , 114 Stat. 3033.)