Title 12 — Banks and BankingRelease 119-73not60
§71 Election
Title 12 › Chapter 2— NATIONAL BANKS › Subchapter III— DIRECTORS › § 71
Summary
Before the Comptroller allows a bank to open, shareholders must elect at least five directors. Directors serve up to 3 years and until successors qualify; elections held yearly per the bylaws, terms may be staggered under Comptroller rules.
Full Legal Text
Title 12, §71
Banks and Banking — Source: USLM XML via OLRC
The affairs of each association shall be managed by not less than five directors, who shall be elected by the shareholders at a meeting to be held at any time before the association is authorized by the Comptroller of the Currency to commence the business of banking; and afterward at meetings to be held on such day of each year as is specified therefor in the bylaws. The directors shall hold office for a period of not more than 3 years, and until their successors are elected and have qualified. In accordance with regulations issued by the Comptroller of the Currency, a national bank may adopt bylaws that provide for staggering the terms of its directors.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
Codification R.S. § 5145 derived from act June 3, 1864, ch. 106, §§ 9, 10, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.
Amendments
2000—Pub. L. 106–569 substituted “for a period of not more than 3 years” for “for one year” and inserted at end “In accordance with
Regulations
issued by the Comptroller of the Currency, a national bank may adopt bylaws that provide for staggering the terms of its directors.” 1963—Pub. L. 88–232 substituted “on such day of each year as is specified therefor in the bylaws” for “on such day in January of each year as is specified therefor in the articles of association”.
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. § 71
Title 12 — Banks and Banking
Last Updated
Apr 3, 2026
Release point: 119-73not60