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.
Pub. L. 86–230, § 973 Stat. 457Pub. L. 88–232, § 277 Stat. 472(R.S. § 5149; , , ; , , .)
Editorial Notes
Codification
act June 3, 1864, ch. 106, § 1013 Stat. 102section 38 of this titleR.S. § 5149 derived from , , which was the National Bank Act. See .
Amendments
Pub. L. 88–2321963— substituted “bylaws” for “articles of association”.
Pub. L. 86–2301959— 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.