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12 U.S.C. § 76 — President of bank as member of board; chairman of board
submitted 99 years ago by Congress to r/title-12-BANKS-AND-BANKING · 48 words · no verdicts yet
in plain englishAI-generated · not legal advice
A national bank's president automatically sits on the board and normally serves as its chairman. But the board can instead pick a different director to be chairman, who then takes on whatever duties the board assigns.
The president of a national bank must be a member of the board of directors and normally serves as its chairman. However, the board may instead designate a different director to serve as chairman in the president's place. Whichever director the board designates as chairman performs whatever duties the board assigns.
the actual law source: uscode.house.gov ↗public domain
The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director* in lieu of the president to be chairman of the board, who shall perform such duties as may be designated by the board.
Source credit: (R.S. § 5150; Feb. 25, 1927, ch. 191, § 6, 44 Stat. 1228.)
history & why it existsrecord from the source credit
- 1927Enacted · Act of Feb. 25, 1927, ch. 191 · 44 Stat. 1228
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