§ 7.2024 - Staggered terms for national bank directors and size of bank board.

§ 7.2024 Staggered terms for national bank directors and size of bank board.

Cross Reference

Link to an amendment published at 85 FR 83736, Dec. 22, 2020.

(a) Staggered terms. Any national bank may adopt bylaws that provide for staggering the terms of its directors. National banks shall must provide the OCC with copies of any bylaws so amended.

(b) Maximum term. Any national bank director may hold office for a term that does not exceed three years.

(c) Number of directors. A national bank's board of directors shall must consist of no fewer than 5 and no more than 25 members. A national bank may, after notice to the OCC, increase the size of its board of directors above the 25 member limit. A national bank seeking to increase the number of its directors must notify the OCC any time the proposed size would exceed 25 directors. The bank's notice shall must specify the reason(s) for the increase in the size of the board of directors beyond the statutory limit.

[68 FR 70131, Dec. 17, 2003, as amended at 85 FR 83736, Dec. 22, 2020]