section 327 of this titleAfter one year from , notwithstanding any other provision of law, the board of directors, board of trustees, or other similar governing body of every national banking association and of every State bank or trust company 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 provisions of this section and continues such violation after thirty days’ notice from the Comptroller 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 violates the provisions of this section and continues such violation after thirty days’ notice from the Board of Governors of the Federal Reserve System, it shall be subject to the forfeiture of its membership in the Federal Reserve System in accordance with the provisions of .
June 16, 1933, ch. 89, § 3148 Stat. 194June 16, 1934, ch. 546, § 448 Stat. 971Aug. 23, 1935, ch. 61449 Stat. 704Pub. L. 106–569, title XII, § 1205(b)114 Stat. 3034(, ; , ; , title II, § 203(a), title III, § 306, , 708; , , .)
Editorial Notes
Amendments
Pub. L. 106–5692000— inserted before period at end of first sentence “, 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”.
1935—Act , as amended by act , § 306, repealed a former provision of this section relating to stock ownership requirements of directors, trustees, or members of similar governing bodies of any national banking association, or of any State bank or trust company which is a member of the Federal Reserve System.
1934—Act , repealed a former provision of this section relating to stock ownership requirements of directors, trustees, or members of similar governing bodies of member banks of the Federal Reserve System.
Statutory Notes and Related Subsidiaries
Change of Name
Act Aug. 23, 1935, ch. 614, title II, § 203(a)49 Stat. 704, , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Executive Documents
Exception as to Transfer of Functions
section 1 of this titleFunctions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under .