12 U.S.C. § 2279a–1 — Board of directors
submitted 38 years ago by Pub. L. 92-181 to r/title-12-BANKS-AND-BANKING · 57 words · no verdicts yet
A merged bank elects its Board under its bylaws, but at least one director must be elected by the other directors and must be independent of System institutions.
Each merged bank must elect a Board of Directors with the number, term, method of election, and qualifications required by its bylaws. At least one member must be elected by the other directors and may not be a System-institution director*, officer, employee, or stockholder.
Each merged bank shall elect a board of directors of such number, for such term, in such manner, and with such qualifications, as may be required in its bylaws, except that at least one member shall be elected by the other directors, which member shall not be a director*, officer, employee, or stockholder of a System institution.
Source credit: (Pub. L. 92–181, title VII, § 7.1, as added Pub. L. 100–233, title IV, § 416, Jan. 6, 1988, 101 Stat. 1645; amended Pub. L. 100–399, title IV, § 408(c), Aug. 17, 1988, 102 Stat. 1001.)
- 1988Enacted · Pub. L. 92-181 · 101 Stat. 1645
- 1988Amended · Pub. L. 100-399 · 102 Stat. 1001
A history note hasn’t been published yet. The record shows enactment by Pub. L. 92-181 on 1988-01-06.
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