961 TITLE 12.-·——BAiVKS . S(,;i,;,,y;mq may give notice to the directors of the association ex in v_-;,g(·h he is interested within twenty days fnem the date of sl th,. (·{·l·ti:icatc of approval of the comptroller that he dissents in ·f,.,_m me plan, ot consolidation as adopted and approved, where- fc U;l..1.’ ho shall be entitled to receive the value of the shares ti ` _,*, yi.-xt? by l1;im,_t0 be ascertained by an appraisal made by a § my zuiatw of three persons, one to' be selected by the share M `IU.; .·,· one by the directors, and the third by the two so ti ,·2~~.·n; and in case the value so ilxcd shall not be satis- o1 f:n··X·¤;;· lu the shareholder hc may within live days after being ln · z.~·t#:<¤~·l of the appraisal appeal to the Contptrollcr of the Our- m
- ·.»¤ who shall cause a reappraisal to be made, which shall na
5., ?;ll:ll·2l‘Ud binding; and if saidlrcappraisal shall ex_ceed· ·a1 1&¤··~..a§ao {Excel by said committee; the bank shal1_` pay the. :11 ··x3»··¤.~t~s of the rcappralsal; otherwise the appellant shall »-la ms mal. expenses, and the value so ascertai-ncd_ and 'deter- re m¤~·l shall be deemed to be a debt dueand belforthwith ‘(l will to said shareholder. from said bank,. and the share so paid Am: he surrendered and after due notice sold at public auc· tl lim; within thirty days after the ilnal appraisemeut provided al gm- in this section, (Nov._ 7, 1918, c. 209, Q 1,40 Stat. 1043.l ti ‘ 3 l._ Elfcct of consolidation on rights an€1liabilities.—Associa- bw zi· lm consolidating with, another association under the pro- 53; x.}~i··us nf the preceding section shall not be required to dc- ‘ - p·»~ir lawful money for their outstanding circulation, but Pl · their assets and liabilities shall be reported by the assocla- _S
xm with which they have consolidated. 'And all the_rights, tl
fm;.-hi¢~=cs, and interests- of the saidnational haul; so con-Q N »~!_2·:—m·el in and to very species, ot property, personal and ¤.i¤···\and choses Qion thereto belonging, shall be deemed A z·· mg Begum to and vested lnsuch national bank into H1 ulziyh it iis consolidated without any deed or other transfer, if Emmzlnc said consolidated national bank shall hold anoesjoy 81 no- sarne and all rights of property,"franchises, and interests ll in me same manner and to the same extent as was held. and W a—o.§~e<·<l hy the national bank so consolidated therewith. `(Nov. 8] E'. lilitl, c. 209, § 2, ·40’Stat. 1044§)_· ·- ‘ ‘ _ tf 23. Organization of State banks as national. banking asso- ¢] cialions.——·—Any bank incorporated by speciallaw of any State ti or of the United States or brmnlzcd under the general laws of 8* aan- state or ot the United States and having an unimpaired { ¢·:¤;·lml sutliclent to entitle it to become ·a national banking » x:E~·—_··•·iation under theéprovisions of the existing laws may, by `” Nw vote of the shareholders owning hot less than 51 per centuntr of the capital stock of such bank or banking association, with 8* ma- ;¤;»proval ot theflomptroller of the Currency be converted W izgo a national banking association. with any name apnroved 0T ‘*·3~‘ the Comptroller of the Currency.: frotaded, however, 1)* 'ljluat said conversion shall not *be Ln contravention of the az 2~=me· low; In such case the articles ot association and xt ·»¤;·.:miz.ltion ccrtiacate may be executed ‘by a majority 01 ·»:‘ me directors of the bank or banking lnstltution. and tl it ~ certificate. shall declare that the owners of- 5l._ per centum if to me capital stock have authorized the dlrectofs to‘ make 8* awa. ccrtlilcate and .to change orconvert the bank or bank- 1* lif.a;~illStu'UU01l into a national association. A majority of" l!=·· <lirectors,· after execnting the ticles ot association aud, the “'l` twonization certmcate, sha? powé·` to execute all other Sl
- a;¤·
- 5s and to do whatever y lie required to make its oxgani- t1
- e;n‘ion perfect and complete as .a national awoclationa _The tt
mares of any_ such?hank may continue to be forfthe-same E aomunt each as they were lieforethe conversion, and the cllrec~ lx lets may continue to be directors of the association until others tl asn elected or aixpointed in accorklance with the provisions ot lu lla-; statutes or the Unl ted· Stats. When the comptroller has _¤
- m·n to such bank or banking association a
- _certlBea‘te that the ‘s1
"movisions ot ·thisYchapter have been complied with, such bank i or banking association, and all its stockholders, ofheersy and lc
AND BANKING § 53 nployees, shall have the same powers and jpaisihages, and nall be subject to the same duties, liabilities, and regulations, l all respects; as shall have been prescrilmil by this and the lllowing chapter for associations ori;:inally organized as naonal banking associations. (R. *S. { 5154; Dec. 23, 1913, c. 6, 8,38 Stat. 258.) ' . 36. Organization of State banks having branches as naonal banking associations.-—It shall be lawful for any bank c banking association organized under State lasvs, and having rgnches, the capital being joint and assigned to and used by the lother bank and branches in qetinite proportions, to become a ational banking association in confomntt3;fxs·ith·existing laws,. nd to retain and keep in, operation its branches, or such one or lore of them as it may elect to retain; the amount of the circultion redeemable at the mother bank, and xeach branch. to be agulated by the amount of capital assigned to and used by each. R..‘S. 9 5155.) ., . » _‘ ‘ ( ‘ · 37. Associations governed by chapter.——The provisions of ais chapter, which are expressed without restrictivehwords, as pplying to "national· banking assoéiationsf or to "_associa- <ms," apply to all associations organized to carry on the usiness .of banking `under any Act of Congress. (R. S. § 157.) ‘ *1 l { · . . , 38. “The National Bank Act."——The Act entitled "An Act to rovide a dhtional currency secured by. a pledge otclinitcd tates bonds, and to proyide for the circulation and redemption l€‘K80f," approved June 3, 1864, shall be known as “The 'ational Bank Act." (June 20, 1874, c. 343, § 1,-18 Stat. 123;) 39. Reservation of rights of amociutions organized under let of-1863.-—Nothing in this chapter shall affect any appointlents made, acts done, or proceedings had or commenced prior rthe Bd day of Jane, 1864, in or toward the organization ot ny national banking association under- the Act of February 25, 303; but all associations which, on the 3d day of Jane, 1864, ere organised or commenced to be organized under that Act, hall lenjoy all the rights and privi}%g=ranted, and be snbject >· all the duties, liabilities, and restrictions imposed by this hapter, notwithstanding all the steps prescribed hy this ?§hapar for the organization of associations. were not pursued, if ach associations were duly organized under that Act. (R. S. 5156,) . 1 ` — CAPITAL, WSTQCK, AND STOCKHOLDERS `° 51. Reqaisite amqmt of capital.--No association shall be oranized with a less capital than $100,000,-·except,that‘mnks
- ith a capital of not less than $50,000 may, with the approval
I the Secretary of the Treasury, be organized in any place theopulation o1’_which does not exceed six thousand inhabitants, ndcxcept that bankslwith a capital ot. not less than ,$%,600 nay, with the sanction of the Secretary of the Treasury, he rganls§A_ in any place the population of which does natfexeeed rlrce.th.. llnsandlnhabltants. No association shall he arganiaetl 1 a city thepopulation of which exceeds nfty thousand perons with acapitalot less than .$200,000.‘ (R. S. `§ _§138; Mar. , 4, 1900, c. 41, { 10, 31 Stat. 48.) I ‘ ._ . · — » 52: Par vslnaand incidents of stock; transfer of shares;-··— ’he capital. stock ot each association shall- be divided into; flares of $100 each, and be deemed personal property, and fansferable an the books of the association in such manner as nay. be prescribed ln the ‘hy-laws ar aptfcles of `ass»ocisttioa,a’ Every becoming a-; shareholder hy such traansfeasha , 1 proportion to his shares, succeed ta all the rights and liabilxi- Les of the·prior_'_holder of sach shares;,and no change shall a niacle the articles of assoclupon by which the rights, lamedlels, or meurity of the existing creditors of the association hall he impaired, (R. S. S 5139.) — · _ · · 53{Whcn capital stock paid in} installments; ‘préof.-—~»-At last 50 per cehtum of the capital stock of every assoclation
