Title 12: Banks and Banking
PART 7—BANK ACTIVITIES AND OPERATIONS
Subpart B—Corporate Practices
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§ 7.2006 Cumulative voting in election of directors.
When electing directors, a shareholder shall 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.
[61 FR 4862, Feb. 9, 1996, as amended at 73 FR 22241, Apr. 24, 2008]
