---
kind: "section"
citation: "12 U.S.C. § 75"
title: "12"
title_heading: "Banks and Banking"
number: "75"
heading: "Legal holiday, annual meeting on; proceedings where no election held on proper day"
release: "119-102"
url: "https://uscodex.org/usc/12/75"
units:
  - "Chapter 2 — National Banks"
  - "Subchapter III — Directors"
---

# §75. Legal holiday, annual meeting on; proceedings where no election held on proper day


When the day fixed in the bylaws for the regular annual meeting of the shareholders falls on a legal holiday in the [State](/usc/12/1707.md?p=d) in which the [bank](/usc/12/1426a.md?p=g-1) is located, the shareholders meeting shall be held, and the [directors](/usc/12/2279bb.md?p=3) elected, on the next following banking day. If, from any cause, an election of [directors](/usc/12/2279bb.md?p=3) is not made on the day fixed, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent day within sixty days of the day fixed, to be designated by the [board](/usc/12/221a.md?p=a) of [directors](/usc/12/2279bb.md?p=3), or, if the [directors](/usc/12/2279bb.md?p=3) fail to fix the day, by shareholders representing two-thirds of the shares, at least ten days’ notice thereof in all cases having been given by first-class mail to the shareholders.


## Source credit

(R.S. § 5149; Pub. L. 86–230, § 9, Sept. 8, 1959, 73 Stat. 457; Pub. L. 88–232, § 2, Dec. 23, 1963, 77 Stat. 472.)

## Notes

### Editorial Notes

### Codification

R.S. § 5149 derived from act June 3, 1864, ch. 106, § 10, 13 Stat. 102, which was the National Bank Act. See section 38 of this title.

### Amendments

1963—Pub. L. 88–232 substituted “bylaws” for “articles of association”.

1959—Pub. L. 86–230 provided that when the day fixed for the regular annual meeting of the shareholders falls on a legal holiday, the meeting shall be held on the next following banking day and authorized election of directors to be held within sixty days of a fixed day upon ten days’ notice to the shareholders by first-class mail instead of upon thirty days’ notice in newspaper and at a date designated in the articles or bylaws or by the shareholders.