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12 U.S.C. § 2270 — Replacement of suspended or removed directors

submitted 41 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 87 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section governs replacement of suspended or removed directors. It states who may replace them and under what conditions.

If at any time, because of the suspension or removal of one or more directors under section 2264 or 2265 of this title, there is on the board of directors of a System institution less than a quorum of directors not so suspended, the Chairman must appoint persons to serve temporarily as directors in their place and stead so as to establish a quorum until that time as those who have been removed are reinstated or their respective successors are duly elected and take office.
the actual law source: uscode.house.gov ↗public domain

If at any time, because of the suspension or removal of one or more directors pursuant to section 2264 or 2265 of this title, there shall be on the board of directors of a System institution less than a quorum of directors not so suspended, the Chairman shall appoint persons to serve temporarily as directors in their place and stead so as to establish a quorum until such time as those who have been removed are reinstated or their respective successors are duly elected and take office.

Source credit: (Pub. L. 92–181, title V, § 5.34, as added Pub. L. 99–205, title II, § 204, Dec. 23, 1985, 99 Stat. 1701.)

history & why it existsrecord from the source credit
  • 1985Enacted · Pub. L. 92-181 · 99 Stat. 1701

A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1985-12-23.

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