§ 7.2006 - Cumulative voting in election of national bank directors.

§ 7.2006 Cumulative voting in election of national bank directors.

Cross Reference

Link to an amendment published at 85 FR 83734, Dec. 22, 2020.

When electing national bank directors, a shareholder shall must have as many votes as the number of directors to be elected multiplied by the number of the shareholder's shares. If permitted by the national bank's articles of association, the shareholder may cast all these votes for one candidate or distribute the votes among as many candidates as the shareholder chooses. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate.

[61 FR 4862, Feb. 9, 1996, as amended at 73 FR 22241, Apr. 24, 2008; 85 FR 83734, Dec. 22, 2020]