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Title 12 — Banks and BankingRelease 119-73not60

§73 Oath

Title 12 › Chapter 2— NATIONAL BANKS › Subchapter III— DIRECTORS › § 73

Last updated Apr 3, 2026|Official source

Summary

When a person becomes a director, they must swear to carefully and honestly run the association’s business. They must promise not to knowingly break or allow breaking of the rules in title 62, and must say they truly own, in their own name, the number of shares that title 62 requires and that those shares are not pledged as security for any loan or debt. The oath must be taken before a notary public or other state official allowed to give oaths in the director’s state, but not before anyone who is an officer of the director’s bank. The signed and certified oath must be sent right away to the Comptroller of the Currency and kept in that office for 10 years.

Full Legal Text

Title 12, §73

Banks and Banking — Source: USLM XML via OLRC

Each director, when appointed or elected, shall take an oath that he will, so far as the duty devolves on him, diligently and honestly administer the affairs of such association, and will not knowingly violate or willingly permit to be violated any of the provisions of title 62 of the Revised Statutes, and that he is the owner in good faith, and in his own right, of the number of shares of stock required by title 62 of the Revised Statutes, subscribed by him, or standing in his name on the books of the association, and that the same is not hypothecated, or in any way pledged, as security for any loan or debt. The oath shall be taken before a notary public, properly authorized and commissioned by the State in which he resides, or before any other officer having an official seal and authorized by the State to administer oaths, except that the oath shall not be taken before any such notary public or other officer who is an officer of the director’s bank. The oath, subscribed by the director making it, and certified by the notary public or other officer before whom it is taken, shall be immediately transmitted to the Comptroller of the Currency and shall be filed and preserved in his office for a period of ten years.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

Title 62 of the Revised Statutes, referred to in text, was in the original “this Title” meaning title LXII of the Revised Statutes, consisting of R.S. §§ 5133 to 5244, which are classified to this section and section 16, 21, 22 to 24a, 25a, 25b, 26, 27, 29, 35 to 37, 39, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72, 74 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, section 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5133 to 5244 to the Code, see Tables. Codification R.S. § 5147 derived from act June 3, 1864, ch. 106, § 9, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.

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. § 73

Title 12 — Banks and Banking

Last Updated

Apr 3, 2026

Release point: 119-73not60