12 U.S.C. § 65 — Repealed. Pub. L. 86–230, § 8, Sept. 8, 1959,

Page 39 TITLE 12—BANKS AND BANKING § 71a Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller 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. § 65. Repealed. Pub. L. 86–230, § 8, Sept. 8, 1959, 73 Stat. 457 Section, acts June 30, 1876, ch. 156, § 2, 19 Stat. 63; Sept. 3, 1954, ch. 1263, § 22, 68 Stat. 1234, related to en- forcement of shareholders’ individual liability by credi- tors on liquidation. Limitation on liability of share- holders, see section 64a of this title. § 66. Personal liability of representatives of stockholders Persons holding stock as executors, adminis- trators, guardians, or trustees, shall not be per- sonally subject to any liabilities as stock- holders; but the estates and funds in their hands shall be liable in like manner and to the same extent as the testator, intestate, ward, or person interested in such trust funds would be, if living and competent to act and hold the stock in his own name. (R.S. § 5152.) Editorial Notes CODIFICATION R.S. § 5152 derived from act June 3, 1864, ch. 106, § 63, 13 Stat. 118, which was the National Bank Act. See sec- tion 38 of this title. § 67. Individual liability of shareholders; com- promises; authority of receiver Any receiver of a national banking association is authorized, with the approval of the Comp- troller of the Currency and upon the order of a court of record of competent jurisdiction, to compromise, either before or after judgment, the individual liability of any shareholder of such association. (Feb. 25, 1930, ch. 58, 46 Stat. 74.) Statutory Notes and Related Subsidiaries APPLICATION TO DISTRICT OF COLUMBIA Provisions of this section were made applicable to banks, etc., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4, 47 Stat. 1567. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer to Secretary of the Treasury, see note set out under section 1 of this title. SUBCHAPTER III—DIRECTORS § 71. Election The affairs of each association shall be man- aged 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 au- thorized by the Comptroller of the Currency to commence the business of banking; and after- ward 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 di- rectors. (R.S. § 5145; Pub. L. 88–232, § 1, Dec. 23, 1963, 77 Stat. 472; Pub. L. 106–569, title XII, § 1205(a), Dec. 27, 2000, 114 Stat. 3033.) 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 Comp- troller 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. § 71a. Number of directors; penalties After one year from June 16, 1933, notwith- standing any other provision of law, the board of directors, board of trustees, or other similar governing body of every national banking asso- ciation and of every State bank or trust com- pany 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 provi- sions of this section and continues such viola- tion after thirty days’ notice from the Comp- troller 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 vio- lates the provisions of this section and con- tinues such violation after thirty days’ notice from the Board of Governors of the Federal Re- serve System, it shall be subject to the for- feiture of its membership in the Federal Reserve System in accordance with the provisions of sec- tion 327 of this title. (June 16, 1933, ch. 89, § 31, 48 Stat. 194; June 16, 1934, ch. 546, § 4, 48 Stat. 971; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, § 306, 49 Stat. 704, 708; Pub. L. 106–569, title XII, § 1205(b), Dec. 27, 2000, 114 Stat. 3034.)