§ 71a. Number of directors; penalties

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.

1. 1933

   Banking Act of 1933

   Pub. L. 73–89 § 31 · 48 Stat. 162

   Enacted · 12 U.S.C. § 71a

   June 16, 1933, ch. 89, § 31, 48 Stat. 194

   Source evidence

   Code source credit
   June 16, 1933, ch. 89, § 31, 48 Stat. 194

   Enacted provision · exact public law section
   Sec. 31. Board of directors, etc. After one year from the date of enactment of this Act, 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 Number of members. is a member of the Federal Reserve System shall consist of not less than five nor more than twenty-five members; and every director, Stock ownership requirement. trustee, or other member of such governing body shall be the bona fide owner in his own right of shares of stock of such banking association, Post, p. 971. State bank or trust company having a par value in the aggregate of not less than $2,500, unless the capital of the bank shall not exceed $50,000, in which case he must own in his own right shares having a par value in the aggregate of not less than $1,500, or unless the capital of the bank shall not exceed $25,000, in which case he must own in his own right shares having a par value in the Appointment of receiver, when violation by national bank. aggregate of not less than $1,000. 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, Forfeiture of membership, State member bank. 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 Federal Reserve Board, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of section 9 of the Federal Reserve Act, as amended.

2. 2000

   Financial Regulatory Relief and Economic Efficiency Act of 2000

   Pub. L. 106–569 title XII § 1205(b) · 114 Stat. 2944

   Inserted · 12 U.S.C. § 71a

   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”

   Source evidence

   Code amendment note
   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”.

   Enacted provision · exact public law section
   (b) Amendment to the Banking Act of 1933.— Section 31 of the Banking Act of 1933 (12 U.S.C. 71a) is amended in the first sentence, by inserting before the period 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”.

2 of 2 references resolved to an enrolled provision