Every director must, during his whole term of service, be a citizen of the United States, and at least a majority of the directors must have resided in the State, Territory, or District in which the association is located, or within one hundred miles of the location of the office of the association, for at least one year immediately preceding their election, and must be residents of such State or within one-hundred-mile territory of the location of the association during their continuance in office, except that the Comptroller may, in the discretion of the Comptroller, waive the requirement of residency, and waive the requirement of citizenship in the case of not more than a minority of the total number of directors. 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 1841 of this title. 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 1841 of this title. Any director who ceases to be the owner of the required number of shares of the stock, or who becomes in any other manner disqualified, shall thereby vacate his place.
Notes of Decisions
Michelsen v. Penney, 135 F.2d 409 (2d Cir. 1943).
· cites it 6× “In order that Saunders and Lewis might appear to comply with the National Bank Act, 12 U.S.C.A. § 72 , requiring a national bank director to be a bona fide stockholder in his bank, Penney-Gwinn transferred qualifying shares to their names and received in return from each a…”
Mathews v. Diaz, 426 U.S. 67 (1976).
“§ 2279 ; 12 U. S. C. § 72 , and upon investments and businesses of aliens, e.”
McKee & Co. v. First Nat'l Bank of San Diego, 265 F. Supp. 1 (S.D. Cal. 1967).
· cites it 3× “12 U.S.C. § 72 sets forth certain residential qualifications for national bank directors, but these qualifications are by their very terms only minimal.”
De Malherbe v. Int'l Union of Elevator Constructors, 438 F. Supp. 1121 (N.D. Cal. 1977).
“§ 2279 (employees of aircraft defense contractors), 12 U.S.C. § 72 (directors of national banking associations and state bank or trust companies which are members of Federal Reserve System).”
Cupo v. Cmty. Nat'l Bank & Trust Co., 324 F. Supp. 1390 (E.D.N.Y 1971).
· cites it 3× “” 12 U.S.C. § 72 . (Emphasis supplied.) Under the statutory scheme directors must merely own the requisite shares of stock in their own right at the time they are sworn into office and thereafter during their term of service.”
Transamerica Corp. v. Parrington, 252 P.2d 385 (Cal. Ct. App. 1953).
“Appellants’ primary contention here is that the agreements previously described which were enforced by the judgment appealed from are violative of the provisions of section 12 of the National Banking Act ( 12 U.S.C.A. § 72 ) prescribing the qualifications for directors of the…”
Wolpert v. First Nat'l Bank of East Islip, 381 F. Supp. 625 (E.D.N.Y 1974).
“” While that might normally imply the need for a street and number, in this case all of the proposed nominees lived in a cluster of relatively small communities, more or less contiguous on the southern shore of Long Island in Suffolk County, New York, all of which are located so…”
First Nat'l Bank of Lake City v. Est. Young, 338 So. 2d 67 (Fla. 1st DCA 1976).
· cites it 2× “§ 83 prohibits the Bank from receiving and holding its own capital stock as an asset except in circumstances not here pertinent; and (4) that to *69 regard the bequest as “an outright restricted gift” would tempt the Bank to violate 12 U.S.C. § 72 by selling the stock to a new…”
Capobianco v. First Nat'l Bank, 380 F. Supp. 155 (M.D. Penn. 1974).
· cites it 2× “The National Banking Act, 12 U.S.C. § 72 requires that “Every director must own in his own right shares of the capital stock of the association of which he is a director the aggregate par value of which shall not be less than *166 $1,000, .”
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