§ 7.2007. Filling vacancies and increasing board of directors of a national bank other than by shareholder action.
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/us/cfr/t12/s§ 7.2007·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Increasing board of directors. If authorized by the national bank's articles of association, between shareholder meetings a majority of the board of directors may increase the number of the bank's directors within the limits specified in 12 U.S.C. 71a. The board of directors may increase the number of directors only by up to two directors, when the number of directors last elected by shareholders was 15 or fewer, and by up to four directors, when the number of directors last elected by shareholders was 16 or more.
(b)Vacancies. If a vacancy occurs on the national bank's board of directors, including a vacancy resulting from an increase in the number of directors, the vacancy may be filled by the shareholders, a majority of the board of directors remaining in office, or, if the directors remaining in office constitute fewer than a quorum, by an affirmative vote of a majority of all the directors remaining in office. [61 FR 4862, Feb. 9, 1996, as amended at 85 FR 83735, Dec. 22, 2020]
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§ 7.2007
Filling vacancies and increasing board of directors of a national bank other than by shareholder action.
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