§ 72. Qualifications
653 words·~3 min read·
/usc/title-12/section-72A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
(R.S. § 5146; Feb. 28, 1905, ch. 1163, 33 Stat. 818; Mar. 1, 1921, ch. 100, 41 Stat. 1199; Feb. 25, 1927, ch. 191, § 17, 44 Stat. 1233; Apr. 27, 1956, ch. 215, 70 Stat. 119; Pub. L. 95–369, § 2, Sept. 17, 1978, 92 Stat. 608; Pub. L. 96–221, title VII, § 710, Mar. 31, 1980, 94 Stat. 189; Pub. L. 103–325, title III, § 313, Sept. 23, 1994, 108 Stat. 2221; Pub. L. 104–208, div. A, title II, § 2241, Sept. 30, 1996, 110 Stat. 3009–418; Pub. L. 106–569, title XII, § 1233(a), Dec. 27, 2000, 114 Stat. 3037.)
Connections27 cite this · traces to 2
Cited by 27 sections · top 15
statutes-at-large
- Private Law 89–339
- Public Law 106–569To expand homeownership in the United States, and for other purposes
- Public Law 95–369To provide for Federal regulation of participation by foreign banks in domestic financial markets
- Public Law 96–221To facilitate the implementation of monetary policy, to provide for the gradual elimination of all limitations on the rates of interest which are payable on deposits and accounts, and to authorize interest-bearing transaction accounts, and for other purposes
- Public Law 104–207Waiving certain enrollment requirements with respect to any bill or joint resolution of the One Hundred Fourth Congress making genera) or continuing appropriations for fiscal year 1997
- Proclamation 5200
Traces to 2 documents
25 references not yet in our index
- Feb. 28, 1905, ch. 1163
- 33 Stat. 818
- Mar. 1, 1921, ch. 100
- 41 Stat. 1199
- Feb. 25, 1927, ch. 191, § 17
- 44 Stat. 1233
- Apr. 27, 1956, ch. 215
- 70 Stat. 119
- Pub. L. 95–369, § 2
- 92 Stat. 608
- Pub. L. 96–221, title VII, § 710
- 94 Stat. 189
- Pub. L. 103–325, title III, § 313
- 108 Stat. 2221
- Pub. L. 104–208, div. A, title II, § 2241
- 110 Stat. 3009–418
- Pub. L. 106–569, title XII, § 1233(a)
- 114 Stat. 3037
- act June 3, 1864, ch. 106
- 13 Stat. 102
- Pub. L. 106–569
- Pub. L. 104–208
- Pub. L. 103–325
- Pub. L. 96–221
- Pub. L. 95–369
Citation graph
cites case law
§ 72
Qualifications
Fed. Reg.×19
Stat.×6
C.F.R.×2
ActFeb. 28, 1905, ch. 1163
Stat.33 Stat. 818
ActMar. 1, 1921, ch. 100
Stat.41 Stat. 1199
ActFeb. 25, 1927, ch. 191, § 17
Cites 27 · showing 7Cited by 27 across 3 sources