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12 U.S.C. § 74 — Vacancies
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in plain englishAI-generated · not legal advice
If a seat on a bank's board of directors becomes empty, the other directors fill it by appointing someone. That new director serves only until the next regular election.
This short section explains how to fill an empty seat on a bank's board of directors. When a vacancy happens, the remaining directors fill it themselves by appointing a replacement. The director they appoint holds that seat only temporarily — until the next scheduled election, when shareholders choose the board again.
the actual law source: uscode.house.gov ↗public domain
Any vacancy in the board shall be filled by appointment by the remaining directors, and any director* so appointed shall hold his place until the next election.
Source credit: (R.S. § 5148.)
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