Quorum of a national bank board of directors; proxies not permissible.

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. [61 FR 4862, Feb. 9, 1996, as amended at 85 FR 83735, Dec. 22, 2020]