12 CFR 7.2006
§ 7.2006 Cumulative voting in election of national bank directors.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 7.2006, § 7.2006 Cumulative voting in election of national bank directors, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42982
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Full text
When electing national bank directors, a shareholder 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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.