After one year from June 16, 1933, 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 is a member of the Federal Reserve System shall consist of not less than five nor more than twenty-five members, 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. 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, 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 Board of Governors of the Federal Reserve System, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of section 327 of this title.
Notes of Decisions
Michelsen v. Penney, 135 F.2d 409 (2d Cir. 1943).
· cites it 2× “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.S.C.A. § 71a, and for removal of a director by the…”
Fahey v. Mallonee, 332 U.S. 245 (1947).
“194 , 12 U. S. C. §71a; National Housing Act, §406, 48 Stat.”
Fleishhacker v. Blum, 109 F.2d 543 (9th Cir. 1940).
· cites it 2× “There is no evidence that Klinker, Thompson or Stock Farms owned any of Anglo's stock. There is no direct evidence that Fleishhacker owned any, but, being a director, he presumably owned shares having a par value, in the aggregate, of not less than $1,000.”
Valente v. Dennis, 437 F. Supp. 783 (E.D. Pa. 1977).
· cites it 4× “MLS filed a second complaint, once again naming the Bank as defendant, alleging jurisdiction pursuant to 12 U.S.C. §§ 71a, 84 and 86. In Municipal Leasing Systems, Inc.”
Mun. Leas. Sys., Inc. v. Northampton Nat. Bk. of Easton, 382 F. Supp. 968 (E.D. Pa. 1974).
· cites it 2× “Count V seeks “relief from liability for loans based on 12 U.S.C. § 71a,” which statute requires that a national bank have five directors; plaintiff asserting that defendant bank had less that five directors during a period of time when it made loans to plaintiff.”
Michelsen v. Penney, 41 F. Supp. 603 (S.D.N.Y. 1941).
“971 , 12 U.S.C.A. § 71a. So much of the section as related to stock ownership by directors, trustees, or members of similar governing bodies of any national banking association or of any State bank or trust company which was a member of the Federal Reserve System, was repealed…”
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