Title 12 — Banks and BankingRelease 119-73
§71a Number of directors; penalties
Title 12 › Chapter CHAPTER 2— - NATIONAL BANKS › Subchapter SUBCHAPTER III— - DIRECTORS › § 71a
Summary
After one year from June 16, 1933, boards of national banks and State member banks must have 5 to 25 members. The Comptroller may exempt a national bank from the 25‑member cap. If a bank still breaks the rule 30 days after notice, the Comptroller may appoint a receiver or conservator; a State member may lose Federal Reserve membership under section 327.
Full Legal Text
Title 12, §71a
Banks and Banking — Source: USLM XML via OLRC
After one year from June 16, 1933, notwithstanding any other provision of law, the board of directors, board of trustees, or other similar governing body of every national banking association and of every State bank or trust company which is a member of the Federal Reserve System shall consist of not less than five nor more than twenty-five members, except that the Comptroller of the Currency may, by regulation or order, exempt a national bank from the 25-member limit established by this section. If any national banking association violates the provisions of this section and continues such violation after thirty days’ notice from the Comptroller of the Currency, the said Comptroller may appoint a receiver or conservator therefor, in accordance with the provisions of existing law. If any State bank or trust company which is a member of the Federal Reserve System violates the provisions of this section and continues such violation after thirty days’ notice from the Board of Governors of the Federal Reserve System, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of section 327 of this title.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Amendments
2000—Pub. L. 106–569 inserted before period at end of first sentence “, except that the Comptroller of the Currency may, by regulation or order, exempt a national bank from the 25-member limit established by this section”. 1935—Act
June 16, 1934, as amended by act Aug. 23, 1935, § 306, repealed a former provision of this section relating to stock ownership requirements of directors, trustees, or members of similar governing bodies of any national banking association, or of any State bank or trust company which is a member of the Federal Reserve System. 1934—Act
June 16, 1934, repealed a former provision of this section relating to stock ownership requirements of directors, trustees, or members of similar governing bodies of member banks of the Federal Reserve System.
Statutory Notes and Related Subsidiaries
Change of Name
Act Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Executive Documents
Exception as to
Transfer of Functions
Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in
Transfer of Functions
to Secretary of the Treasury, see note set out under section 1 of this title.
Reference
Citations & Metadata
Citation
12 U.S.C. § 71a
Title 12 — Banks and Banking
Last Updated
Apr 6, 2026
Release point: 119-73