12 U.S.C. § 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.
Notes of Decisions
Cited in 7
cases, 1928–2011 · leading case: Michelsen v. Penney
Michelsen v. Penney (1943)
“The very lack *420 of effective means of enforcing proper qualifications of directors may have been the reason for the passage in 1933 of provisions for the appointment of a receiver by the Comptroller of the Currency, 12 U.”
Fleishhacker v. Blum (1940)
“Of these, only Fleishhacker was sued. [10] The record does not show how many shares of stock Anglo had outstanding, or what their par value was.”
Gamble v. Brown (1928)
“His defense is that he declined to qualify as a director, and did not serve as such in the year 1914.”
Alabama Bancorporation v. Henley (1979)
“12 U.S.C. §§ 71 , 72. 8 . Henley memorandum in opposition to plaintiffs’ motion for summary judgment.”
Carpenter v. Ferris Nat. Bank (1933)
“son, in accepting the conveyance from Cates to the bank, containing the assumption clause, obligate the bank to pay the Carpenter notes? It is obvious that the cashier disregarded in toto the instructions given him by the board of directors in regard to the Cates indebtedness;…”
U.S. Bank Natioinal Ass'n v. Schipper (2011)
“In direct conflict with the Iowa EFTA, the NBA requires that shareholders elect a national bank association’s directors, 12 U.S.C. § 71 , and that each director “shall take an oath that he will .”
Cupo v. Community National Bank & Trust Co. (1971)
“” 12 U.S.C. § 71 . (Emphasis supplied.) A two-step process is contemplated.”
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