Page:United States Statutes at Large Volume 44 Part 1.djvu/274

 §,25 TITLE 1.‘2.-WBANKS. conducted, and the privilcgcsl granted to it by law cxcrciscd ci mul enjoyed. l ( Seventh. To exercise by its board of directors, or duly authorized officers mj agents, subject to law, all such incidental powers c as-shall be ncccsszxry to carry on the business of banking; by f· discounting and ncg_otiz1ting promissory notes, drafts, bills of S. exchange, and other evidences of debt; by Hrcccivlng deposits; W by buying and selling exchange, coin, gud bullion; by loeming 1; 1m»m·y on pqrson:11 security; and by obtaining, issuing, and circulating notes according to the provisions of this chapter. _ vg But no association shall.trzmsact_ any business cxccptsuch ss is incidental zmdncccssarily px·clirni11;u·y toits oxfgamizatiou, d until it has been authorized by the Comptroller of the Curfcncy t0_C01m11@z1Cc the businessof banking. (B. S. § 5136; July 1, d ’ 1922, c. 257, § 1, 42 Stat. 767.) ‘ v . ·  c 25. Repeal of Acts rclatingsto extension of period of corvporaté succession; operation of paragraph? of preceding scc- r tion.——A1l Acts or parts of Acts providing for the extension of r the period of succession of national banliing associations for L twenty years are repealed as of July 1, 1922, and the provisions of ]_)81`{lg1'Hp11 second of t]1Q‘])I‘€C(§(U.]lg section shall apply Q to all 1l3.(i01l111 bzmkingc, associations now organized and. opérat- ing under any h1w`°0f the United States; (July 1, 1922, c..257, 1; § 2, 42 Stat. 767.) _ _. l l I · t 26. Comptroller to determine if associations can commence .ll b\1SiRQSS.·—\\7h€Il€V0P a ccrtiticatc—_ls·trzu1smittcd to the Comp- C ti·ol1cr(of the. Currency, as provided in this chapter, `zmd the 11 association tra11smitting_ the 'sauie notifies the comptroller € that at least 50 pc: ccntum of its cupitalstock has] been duly IT paid iu, and that such assobiation has complied with all the I? '1}1'0ViSi0I1S of this chapter required to be complied with before 1 sn association shall be authorized to commence the buslncss of ‘ banking, the comptroller shall examine into the condition of; ··’ such association, ascertain especially the amount of money U paid in on account of its cdpitalgthe, name gud place of resi- Y dence ot each of its di;rect0rs,·dnd the amount of tlfc capital stock ofwhich each- is the owner in` goodfaith, and gcncnjhlly . ” whcthei·_si1ch association has complicdwith all the provisions I of this chapter required to entitle it to engage in the business of banking; and shall cause to be made and attestcdhy the l oaths of a majority of the directors, and by the president on 1 cashier of the association, a statement of all the factsncccs-· 1 sary to cudblc the comptroller to determine whether the `asso· ‘ ciatiou is lawfully entitled to commence the buslhcss ot banking. (R. S. § 5168.) I _ _ I 27. Ccrtihcatc of authority tocommcnce banking.-——If, upon lf a carcfulicxanninution of the facts so reported,} and of any other Y facts which may como to ting knowledge of the comptroller, —i whether by means of a special commission appointed by him ( for the purpose ofyqniring into the condition of such associa-, '! tion,_or otherwise, it appears that such association is lawfully .`I cmitlcd to commence the business of banking, the comptroller * shall givo‘ to such association n certificate, under his hand < and oilicial seal, that such association has complied with all 3 the provisions required to hc complied with bcforc commencing l U\hG·bllSlll{.’SS of banking, aud! that such association is author- 1 ized to conxuyvucc such business. But [the comptroller may i withhold from un association his certificate authorizing the `I cmmnchccment ot hdsincss, whenever ho hss rcusou to sup- I pose that the slmrclmldcrs have formed the same for any other f than- the Ilcgitixnzntc objects contemplated by this chnptcr. 1 ._ »(R. S. § 5169.)` __ `_ ‘_ 2 28. Publication of ·cci·ti6cat·c.—-Tho association shall [ cuusc ¢ the mrtiiicatc issued quam- the prcccdingscction to be pub-_·| lished in soma newspaper sprihtcd in the city or couhty where ·f the association is located, for at lcsst sixty days next after 4 the issuihg thereof; or, it no néwspapcr is published as such, 1

AND iBA.NK1NG QSO w gr gqgfqty, than in the newspaper published nearest tlm·;m,_ . . o 70.) 2Q. Power to hold real pr0pcrty.··—A national hzmkh1g asso. lation may purchase, hold, and conveymeal estate for the gllowing purposes, wld, GXCBDUHS BS pI’0VQ,<l9d ctherwiqg in ection 371 of this title, for no others: . llfirst, Such as shall be xxccessary for its innmediatg &(·C,,m_ aodation in the transaction of its business. Second. Such as shall be mortgaged to it in good faith he my of security for debts previously contracted. " Third. Such as_ shall be comjeyed to it in satisfaction 4,: lehts previously contracted in the course of its dealings. ’ Fourth. Such as it shall purchase at sales under jmltlcsmentay lecrees,*o1* mortgages held by_the ¤SSOci¤tion, or shall pmhase to secure debts- due to it. . _ But no such association shall hold the possession of any heal estate under mortgage, or the titleand possession of am- ·cal estate purchased to secureéany debts due to it, for onger per`lod`than live years. (R. S. § 5137.) ‘— . 30. Change of name or location.—-Any national bEml;izl<: lssociation may change its name of the place where its op4·x·a· ions of discount and deposit are t0`be carried on, to any other vlace within the same State, ,110t more than thirty miles diszmt with the approval of the Comptroller of the Currency. »y the vote of shareholders owning two·thirds of `the stock »f such association. A duly authenticated notice of the vote md of the new. name or location selected shall be sent! to the Alice of the Comptxzollcr of the Currency; but no change of lame or location shall be valiq until the comptroller shall nave issued his certificate ot approval of the same. (May 1, .886,.c. 73, § 2, 24 Stat. 18.) _ ' ‘ · ‘ ‘31. Rights and liabilities as aicctcd by change of name.e- lll debts, ·1ial>il·itics, rights, provisions, and powers of thelSSOCi(lti0l1·‘l1ll(]€l‘ its old name. shall qlevolve upon and iuure so the association under its new name. (Mayi 1, 1886, c. 72:,, i3, 24 Stat. 19.) _  __ n ’ - J 32. Liabilities and suits as afected by change of name or ocation.-·-Nothing contained in the two preceding sections shall ae so `constiued as in any manner to njelease anyenational ranking association under its old name or at its old location ?rom any liability, or affect any action or_ proceeding in law n which said association may be or become a party or interested. (May 1, 1886, c. 73, §»4, 24 Stat. 19. )“ o __ `. A 33. Consolidation of banks: capital stock; dissenting slm·c· holders.-—Any two or more national banking associations. lol rated within .the same county, city, town,-or tillage may, with ` 2ho approvuilof the Comptroller ot_the» Currency, consolidate nto one association under the charter of either. existing banks, , m such terms and conditions as may belawfully agreed upon ny `a majority of the boa1·_d of directors of each asmiatiou )rop0sing to consolidate, and be rutliled ancfconhrmed by the nillrxnative vote of the' shareholders of each such association Jwning at least two-thirds of its capital stock outstaudimg, at a meeting .to be heldon thecall ot·the cdlrectors after _ ouhlislning notice of the time, place, and object of the meetiufi for four consecutive week ln some newspaper published in _ the place where the said association is locatgd, and if- no newspaper is published in the place, then lnfa paper pullllshed nearest thereto, and after sending such notice to. each shareholder: of record by registered? mall at least ten clays pilor to csald meeting: Pfoviaed, That the capitahstock of such consolldatetlassociation shall not be' less than that required under existlngjaw for the organlzatienot a national nank in the place in which it is located: And provided farther, Phat when such consolidation shall have Een etectegfl and J 1DDroved by the .C0lR}jl`l‘0u8I‘ any. shareholder of either of then associations so .cousplldu¢d who has not `voted for such cou—_.