The next step in the organization procedure is the stockholders' meeting for election of the directors. In case the directors are specifically named in the articles of association this first election meeting may be dispensed with. Thereafter directors are elected in January of each year, for one year. After election they are required to take, either singly or jointly, the oath prescribed by statute before an officer having an official seal, and these oaths are sent to the Comptroller.

The first business of the board of directors, upon organization, is to adopt by-laws and a corporate seal. The by-laws set forth the manner in which the business of the bank is to be conducted and state the powers and duties of its officers. Although they are adopted and amended by the board of directors, they must not be inconsistent with the articles of association. The board then elects a president, a vice-president, a cashier, and such other officers as may be necessary to conduct the bank's business. A copy of the by-laws, together with a list of the officers and their respective signatures, is forwarded to the Comptroller. The official signatures are respectively accompanied by a statement of the date of election or appointment of each officer, and the name of his predecessor. It is required that the by-laws provide that a meeting of directors be held at least once a month and that any action taken by the bank's discount committee be approved or disapproved by the board and recorded in the minute book.