---
kind: "section"
citation: "12 U.S.C. § 71a"
title: "12"
title_heading: "Banks and Banking"
number: "71a"
heading: "Number of directors; penalties"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/71a"
units:
  - "Chapter 2 — National Banks"
  - "Subchapter III — Directors"
---

# §71a. Number of directors; penalties


After one year from June 16, 1933, notwithstanding any other provision of law, the [board](/usc/12/1861.md?p=b-3) of [directors](/usc/12/5481.md?p=10), [board](/usc/12/1861.md?p=b-3) of trustees, or other similar governing body of every [national banking association](/usc/12/214.md?p=b) and of every [State bank](/usc/12/214.md?p=a) 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](/usc/12/214.md?p=b) 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](/usc/12/214.md?p=a) 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](/usc/12/1861.md?p=b-3) 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 [section 327 of this title](/usc/12/327.md).


## Source credit

(June 16, 1933, ch. 89, § 31, 48 Stat. 194; June 16, 1934, ch. 546, § 4, 48 Stat. 971; Aug. 23, 1935, ch. 614, title II, § 203(a), title III, § 306, 49 Stat. 704, 708; Pub. L. 106–569, title XII, § 1205(b), Dec. 27, 2000, 114 Stat. 3034.)

## Notes

### Editorial Notes

### Amendments

2000—Pub. L. 106–569 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1935—Act June 16, 1934, as amended by act Aug. 23, 1935, § 306, repealed a former provision of this section relating to stock ownership requirements of directors, trustees, or members of similar governing bodies of any national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 June 16, 1934, 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

Functions 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 section 1 of this title.