Legal holiday, annual meeting on; proceedings where no election held on proper day

1. Law
2. USC 12
3. Banks And Banking
4. NATIONAL BANKS
5. DIRECTORS
6. Legal holiday, annual meeting on; proceedings where no election held on proper day

§75. Legal holiday, annual meeting on; proceedings where no election held on proper day

When the day fixed in the bylaws for the regular 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 shareholders representing two-thirds of the shares, at least ten days' notice thereof in all cases having been given by first-class mail to the shareholders.

(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 .)

Codification

R.S. §5149 derived from act June 3, 1864, ch. 106, §10, 13 Stat. 102 , which was the National Bank Act. See section 38 of this title.

Amendments

1963-Pub. L. 88–232 substituted "bylaws" for "articles 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.

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