Chapter 1163. To amend section fifty-one hundred and forty-six of the Revised Statutes of the United States in relation to the qualifications of directors of national banking associations
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CHAP. 1163.— An Act To amend section fifty-one hundred and forty-six of the Revised Statutes of the United States in relation to the qualifications of directors of national banking associations. February 28, 1905. [[S. 7065](/us/bill/58/s/7065).] [[Public, No. 112](/us/pl/58/112).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, National banks.Requisite qualifications of directors. That section fifty-one hundred and forty-six of the Revised Statutes of the United States be so amended as to read as follows:
" “Sec. 5146. [R. S., sec. 146, p. 995](/us/rs/s146/p995), amended. Every director must, during his whole term of service, be a citizen of the United States, and at least three-fourths of the directors must have resided in the State, Territory, or District in 819which the association is located for at least one year immediately preceding their election and must be residents therein during their continuance in Office. Every director must own in his own right at leastMininum shares of stock to be held by directors.Banks of small capital. ten shares of the capital stock of the association of which he is a director, unless the capital of the bank shall not exceed twenty-five thousand dollars, in which case he must own in his own right at least five shares of such capital stock.
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.” " Approved, February 28, 1905.