12 USC 76: President of bank as member of board; chairman of board
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12 USC 76: President of bank as member of board; chairman of board Text contains those laws in effect on November 22, 2024
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER III-DIRECTORS
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§76. President of bank as member of board; chairman of board

The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of the board, who shall perform such duties as may be designated by the board.

(R.S. §5150; Feb. 25, 1927, ch. 191, §6, 44 Stat. 1228 .)


Editorial Notes

Codification

R.S. §5150 derived from act June 3, 1864, ch. 106, §9, 13 Stat. 102 , which was the National Bank Act. See section 38 of this title.

Amendments

1927-Act Feb. 25, 1927, amended section generally. Prior to amendment, section read as follows: "One of the directors, to be chosen by the board, shall be president of the board."