§7.2009. Quorum of a national bank board of directors; proxies not permissible.
12 C.F.R. § 7.2009
A national bank must provide in its articles of association or bylaws that for the transaction of business, a quorum of the board of directors is at least a majority of the entire board then in office. A national bank director may not vote by proxy.
Notes, amendments, and revision history
Amendments
[61 FR 4862, Feb. 9, 1996, as amended at 85 FR 83735, Dec. 22, 2020]
Authority
Authority: 12 U.S.C. 1 et seq., 25b, 29, 71, 71a, 92, 92a, 93, 93a, 95(b)(1), 371, 371d, 481, 484, 1462a, 1463, 1464, 1465, 1818, 1828, 3102(b), and 5412(b)(2)(B).
Source
Source: 61 FR 4862, Feb. 9, 1996, unless otherwise noted.
Amendments
[61 FR 4862, Feb. 9, 1996, as amended at 85 FR 83735, Dec. 22, 2020]