12 U.S.C. § 76 (2024)
This is the official text of 12 U.S.C. § 76 (2024), part of Federal (US Code)’s United States Code — the codified general and permanent federal statutes of the United States, organized into more than 50 numbered titles by subject.
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President of bank as member of board; chairman of board
Official statutory text
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, 44 Stat. 1228.)
Editorial Notes
Codification
R.S. §5150 derived from act June 3, 1864, ch. 106, §9, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.
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."
(R.S. §5150; Feb. 25, 1927, ch. 191, §6, 44 Stat. 1228.)
Editorial Notes
Codification
R.S. §5150 derived from act June 3, 1864, ch. 106, §9, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.
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."
Status: in_force · Read it on the official government site
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