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.
Feb. 25, 1927, ch. 191, § 644 Stat. 1228(R.S. § 5150; , .)
Editorial Notes
Codification
act June 3, 1864, ch. 106, § 913 Stat. 102section 38 of this titleR.S. § 5150 derived from , , which was the National Bank Act. See .
Amendments
1927—Act , amended section generally. Prior to amendment, section read as follows: “One of the directors, to be chosen by the board, shall be president of the board.”