§ 71a. Number of directors; penalties
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/usc/title-12/section-71aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
(June 16, 1933, ch. 89, § 31, 48 Stat. 194; June 16, 1934, ch. 546, § 4, 48 Stat. 971; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, § 306, 49 Stat. 704, 708; Pub. L. 106–569, title XII, § 1205(b), Dec. 27, 2000, 114 Stat. 3034.)
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Cited by 8 sections
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- Public Law 106–569To expand homeownership in the United States, and for other purposes
- Public Law 100–86To regulate nonbank banks, impose a moratorium on certain securities and insurance activities by banks, recapitalize the Federal Savings and Loan Insurance Corporation, allow emergency interstate bank acquisitions, streamline credit union operations, regulate consumer checkholds, and for other purpo
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- June 16, 1933, ch. 89, § 31
- 48 Stat. 194
- June 16, 1934, ch. 546, § 4
- 48 Stat. 971
- Aug. 23, 1935, ch. 614
- 49 Stat. 704
- Pub. L. 106–569, title XII, § 1205(b)
- 114 Stat. 3034
- Pub. L. 106–569
- Act Aug. 23, 1935, ch. 614, title II, § 203(a)
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§ 71a
Number of directors; penalties
Fed. Reg.×2
Stat.×2
Bills×1
C.F.R.×1
Stat. Comp.×1
U.S.C.×1
ActJune 16, 1933, ch. 89, § 31
Stat.48 Stat. 194
ActJune 16, 1934, ch. 546, § 4
Stat.48 Stat. 971
ActAug. 23, 1935, ch. 614
Cites 12 · showing 7Cited by 8 across 6 sources