12 U.S.C. § 1761a — Officers of the board
submitted 92 years ago by Pub. L. 86-354 to r/title-12-BANKS-AND-BANKING · 82 words · no verdicts yet
After the annual members’ meeting, the directors must elect the board officers named in the bylaws. The bylaws must identify the only board officer who may be paid and the duties of each officer, and the board must elect a financial officer who provides adequate fidelity coverage.
At their first meeting after the annual meeting of the members, the directors must elect from their number the board* officers specified in the bylaws. Only one board officer can be compensated as an officer of the board and the bylaws must specify that position as well as the specific duties of each of the board officers. The board must elect from their number a financial officer who must give adequate fidelity coverage following section 1761b(2) of this title .
A quoted term that this section does not define keeps its quoted meaning; this section does not define it.
At their first meeting after the annual meeting of the members, the directors shall elect from their number the board* officers specified in the bylaws. Only one board officer may be compensated as an officer of the board and the bylaws shall specify such position as well as the specific duties of each of the board officers. The board shall elect from their number a financial officer who shall give adequate fidelity coverage in accordance with section 1761b(2) of this title.
Source credit: (June 26, 1934, ch. 750, title I, § 112, formerly § 13, as added Pub. L. 86–354, § 1, Sept. 22, 1959, 73 Stat. 632; amended Pub. L. 88–150, § 2, Oct. 17, 1963, 77 Stat. 270; Pub. L. 91–206, § 2(1), Mar. 10, 1970, 84 Stat. 49; renumbered title I, § 112, Pub. L. 91–468, § 1(2), Oct. 19, 1970, 84 Stat. 994; amended Pub. L. 95–630, title V, § 502(b), Nov. 10, 1978, 92 Stat. 3681; Pub. L. 97–320, title V, § 521, Oct. 15, 1982, 96 Stat. 1531; Pub. L. 100–86, title VII, § 704(a), Aug. 10, 1987, 101 Stat. 652.)
- 1934Enacted · Pub. L. 86-354 · 73 Stat. 632
- 1963Amended · Pub. L. 88-150 · 77 Stat. 270
- 1970Amended · Pub. L. 91-206 · 84 Stat. 49
- 1970Amended · Pub. L. 91-468 · 84 Stat. 994
- 1978Amended · Pub. L. 95-630 · 92 Stat. 3681
- 1982Amended · Pub. L. 97-320 · 96 Stat. 1531
- 1987Amended · Pub. L. 100-86 · 101 Stat. 652
A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-354 on 1934-06-26.
all 0 arguments · sorted by: best
no arguments yet — make the first case