The president of the bank shall be a member of the board and shall be the chairman thereof, but the board may designate a director in lieu of the president to be chairman of the board, who shall perform such duties as may be designated by the board.
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12 U.S. Code § 76 - President of bank as member of board; chairman of board
(R.S. § 5150; Feb. 25, 1927, ch. 191, § 6, 44 Stat. 1228.)
1927—Act Feb. 25, 1927, amended section generally. Prior to amendment, section read as follows: “One of the directors, to be chosen by the board, shall be president of the board.”