12 U.S.C. § 77 — Repealed. Pub. L. 89–695, title II, § 207, Oct

Page 41 TITLE 12—BANKS AND BANKING § 78 the Currency and shall be filed and preserved in his office for a period of ten years. (R.S. § 5147; Feb. 20, 1925, ch. 274, 43 Stat. 955.) 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 sections 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, sec- tions 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classi- fication 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 sec- tion 38 of this title. 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. § 74. Vacancies Any vacancy in the board shall be filled by ap- pointment by the remaining directors, and any director so appointed shall hold his place until the next election. (R.S. § 5148.) Editorial Notes CODIFICATION R.S. § 5148 derived from act June 3, 1864, ch. 106, § 10, 13 Stat. 102, which was the National Bank Act. See sec- tion 38 of this title. § 75. Legal holiday, annual meeting on; pro- ceedings where no election held on proper day When the day fixed in the bylaws for the reg- ular annual meeting of the shareholders falls on a legal holiday in the State in which the bank is located, the shareholders meeting shall be held, and the directors elected, on the next following banking day. If, from any cause, an election of directors is not made on the day fixed, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent day within sixty days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by share- holders representing two-thirds of the shares, at least ten days’ notice thereof in all cases having been given by first-class mail to the share- holders. (R.S. § 5149; Pub. L. 86–230, § 9, Sept. 8, 1959, 73 Stat. 457; Pub. L. 88–232, § 2, Dec. 23, 1963, 77 Stat. 472.) Editorial Notes CODIFICATION R.S. § 5149 derived from act June 3, 1864, ch. 106, § 10, 13 Stat. 102, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 1963—Pub. L. 88–232 substituted ‘‘bylaws’’ for ‘‘arti- cles of association’’. 1959—Pub. L. 86–230 provided that when the day fixed for the regular annual meeting of the shareholders falls on a legal holiday, the meeting shall be held on the next following banking day and authorized election of directors to be held within sixty days of a fixed day upon ten days’ notice to the shareholders by first-class mail instead of upon thirty days’ notice in newspaper and at a date designated in the articles or bylaws or by the shareholders. § 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, 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 sec- tion 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 presi- dent of the board.’’ § 77. Repealed. Pub. L. 89–695, title II, § 207, Oct. 16, 1966, 80 Stat. 1055 Section, act June 16, 1933, ch. 89, § 30, 48 Stat. 193, pro- vided authority for removal of directors or officers of national banks, District banks, or State member banks for continued violations of law or for continued unsafe or unsound practices in conducting the business of such banks. Editorial Notes CODIFICATION Section 401 of Pub. L. 89–695, Oct. 16, 1966, 80 Stat. 1056, which provided for reenactment of this section ef- fective upon expiration of the period ending at the close of June 30, 1972, was repealed by Pub. L. 91–609, title IX, § 908, Dec. 31, 1970, 84 Stat. 1811. Statutory Notes and Related Subsidiaries CONDITIONS GOVERNING EMPLOYMENT OF PERSONNEL NOT REPEALED, MODIFIED, OR AFFECTED Nothing contained in section 207 of Pub. L. 89–695 re- pealing this section to be construed as repealing, modi- fying, or affecting section 1829 of this title, see section 206 of Pub. L. 89–695, set out as a note under section 1813 of this title. § 78. Repealed. Pub. L. 106–102, title I, § 101(b), Nov. 12, 1999, 113 Stat. 1341 Section, acts June 16, 1933, ch. 89, § 32, 48 Stat. 194; Aug. 23, 1935, ch. 614, § 307, 49 Stat. 709, related to cer- tain persons excluded from serving as officers, direc- tors, or employees of member banks.