12 U.S.C. § 71 — Election

Each national banking association's affairs are managed by a board of directors. The board must have at least five directors. The shareholders elect these directors. The first election happens at a meeting held sometime before the Comptroller of the Currency authorizes the association to start doing banking business. After that, elections happen every year, at a meeting held on whatever day the bylaws specify. Directors hold their seats for a period of no more than three years. They stay in office until their successors are elected and qualified. Under regulations issued by the Comptroller of the Currency, a national bank can adopt bylaws that stagger its directors' terms — meaning not every director's term ends at the same time.