12 CFR 7.2006 – Cumulative voting in election of national bank directors
Current as of: 2024 | Check for updates
|
Other versions
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.
Terms Used In 12 CFR 7.2006
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC