12 CFR 7.2009
§ 7.2009 Quorum of a national bank board of directors; proxies not permissible.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 7.2009, § 7.2009 Quorum of a national bank board of directors; proxies not permissible, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/42985
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Full text
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.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.