12 USC 76: President of bank as member of board; chairman of board
Text contains those laws in effect on August 23, 2024
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER III-DIRECTORS
§76. President of bank as member of board; chairman of board
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.
(R.S. §5150; Feb. 25, 1927, ch. 191, §6,
Editorial Notes
Codification
R.S. §5150 derived from act June 3, 1864, ch. 106, §9,
Amendments
1927-Act Feb. 25, 1927, amended section generally. Prior to amendment, section read as follows: "One of the directors, to be chosen by the board, shall be president of the board."