Source: http://www.law.cornell.edu/uscode/text/12/71?qt-us_code_tabs=2
Timestamp: 2014-08-23 20:37:01
Document Index: 598268894

Matched Legal Cases: ['§ 71', '§ 71', '§ 71', '§ 5145', '§ 1', '§ 1205', '§ 5145', '§ 9']

12 U.S. Code § 71 - Election | LII / Legal Information Institute
U.S. Code › Title 12 › Chapter 2 › Subchapter III › § 71 12 U.S. Code § 71 - Election
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.
(R.S. § 5145; Pub. L. 88–232, § 1,Dec. 23, 1963, 77 Stat. 472; Pub. L. 106–569, title XII, § 1205(a),Dec. 27, 2000, 114 Stat. 3033.)
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.
2000—Pub. L. 106–569substituted “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. 88–232substituted “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”.