§ 72. Qualifications

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. undated

   R.S. § 5146

   Enacted · 12 U.S.C. § 72

   R.S. § 5146

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code source credit
   R.S. § 5146

2. 1978

   International Banking Act of 1978

   Pub. L. 95–369 § 2 · 92 Stat. 607

   Changed · 12 U.S.C. § 72

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   Sec. 2. directors of national banks Section 5146 of the Revised Statutes (12 U.S.C. 72) is amended by striking out the period at the end of the first sentence and adding the following new provision: “, 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.”.

3. 1980

   Depository Institutions Deregulation and Monetary Control Act of 1980

   Pub. L. 96–221 title VII § 710 · 94 Stat. 131

   Inserted · 12 U.S.C. § 72

   Pub. L. 96–221 inserted provisions setting forth additional ownership requirements with respect to equivalent interest determinations by the Comptroller of the Currency

   Source evidence

   Code amendment note
   Pub. L. 96–221 inserted provisions setting forth additional ownership requirements with respect to equivalent interest determinations by the Comptroller of the Currency.

   Enacted provision · exact public law section
   Sec. 710. ownership interest of directors of national banks The second sentence of section 5146 of the Revised Statutes (12 U.S.C. 72) is amended by striking out the second sentence and inserting in lieu thereof the following: “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 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841). 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 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).”.

4. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 title III § 313 · 108 Stat. 2160

   Substituted · 12 U.S.C. § 72

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   SEC. 313. FLEXIBILITY IN CHOOSING BOARDS OF DIRECTORS. Section 5146 of the Revised Statutes (12 U.S.C. 72) is amended in the 1st sentence, by striking “two thirds” and inserting “a majority”.

5. 1996

   Department of Commerce and Related Agencies Appropriations Act, 1997

   Pub. L. 104–208 div. A title II § 2241 · 110 Stat. 3009

   Substituted · 12 U.S.C. § 72

   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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   SEC. 2241. NATIONAL BANK DIRECTORS. Section 5146 of the Revised Statutes of the United States (12 U.S.C. 72) is amended in the first sentence, by striking “except” and all that follows through the end of the sentence and inserting the following: “except that the Comptroller may, in the discretion of the Comptroller, waive the requirement of residency.”.

6. 2000

   Financial Regulatory Relief and Economic Efficiency Act of 2000

   Pub. L. 106–569 title XII § 1233(a) · 114 Stat. 2944

   Inserted · 12 U.S.C. § 72

   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”

   Source evidence

   Code amendment note
   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”.

   Enacted provision · exact public law section
   (a) Waiver of Citizenship Requirement for National Bank Directors.— Section 5146 of the Revised Statutes of the United States (12 U.S.C. 72) is amended in the first sentence, by inserting before the period and waive the requirement of citizenship in the case of not more than a minority of the total number of directors”.

5 of 6 references resolved to an enrolled provision · 1 unresolved