Page:United States Statutes at Large Volume 48 Part 1.djvu/216

 190 73d CONGRES S. SESS. I. CH. 89. JUNE 16, 1933 . of No such association shall establish a branch outside of the city, town, or village in which it is situated unless it has a paid-in and unim- Rl0vu•3. aired capital stock of not less than $500,000 : Provided, That in Statesbavingpopula- 1~ f tio n of le ss than one States with a population of less than one million, and which have no million. cities located therein with a population exceeding one hundred thousand, the capital shall be not less than $250,000 : Provided, That Le ss th an one h alf in States with a population of less than one-half million, and which mtlhon . have no cities located therein with a population exceeding fifty thousand, the capital shall not be less than $100,000 ." R.S S, c.5 1 ,P .996. P arag raph (d) of sect ion 5155 of the Revi sed Stat utes, as ame nded (U.S .C ., title 12, sec . 36), is amended to read as follows : "(d) The agg rega te c apit al o f ev ery nati onal ban king ass ocia tion and its branches shall at no time be less than the aggregate minimum capital required by law for the establishment of an equal number of national banking associations situated in the various places where such association and its branches are situated ." SEC. 24. (a) Sections 1 and 3 of the Act entitled "An Act to pro- vide for the consolidation of national banking associations ", ap- proved November 7, 1918, as amended (U.S.C., title 12, sees. 33, 34, and 34a), are amended by striking out the words " county, city, town, or village " wherever they occur in each such section, and inserting in lieu thereof the words " State, county, city town, or village ." (b) Section 3 of such Act of November "f, 1918, as amended, is further amended by striking out the second sentence thereof and inserting in lieu thereof the following : " The capital stock of such consolidated association shall not be less than that required under exis ting law for the org aniz atio n of a n atio nal bank ing asso ciat ion in the place in which such consolidated association is located . Upon such a consolidation, or upon a consolidation of two or more national banking associations under section 1 of this Act, the corporate existence of each of the constituent banks and national banking associ ations partic ipating in su ch consolidati on shall be merged into and continued in the consolidated national banking association and the consolidated association shall be deemed to be the same corporation as each of the constituent institutions . All the rights, franchises, and interests of each of such constituent banks and national banking associations in and to every species of prop- erty, r eal, pe rsonal, and m ixed, a nd chos es in action thereto belon ging, shall be deemed to be transferred to and vested in such consolidated national banking association without any deed or other transfer ; and such consolidated national banking association, by virtue of such consolidation and without any order or other action on the part of any court or otherwise, shall hold and enjoy the same and all rights of property, franchises, and interests, including appointments, desig- nations, and n ominati ons an d all o ther ri ghts a nd inte rests a s trus tee, exec utor, ad mini stra tor, reg istr ar o f st ocks and bon ds, guar dian of estates, assignee, receiver, committee of estates of lunatics and in every other fiduciary capacity, in the same manner and to the same extent as such rights, franchises, and interests were held or enjoyed by any such constituent institution at the time of such consolidation pr ods0 » Provided, howe ver That where any such constituent institution at the Power of court to f I y r emove con solid ated as- time of such consolidation was acting under appointment of any court s ociat ion from trust ee- ship, etc. as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics or in any other fiduciary capacity, the consolidated national banking association shall be subject to removal by a court of competent juris- diction in the same manner and to the same extent as was such constituent corporation prior to the consolidation, and nothing herein contained shall be construed to impair in any manner the right of Branch out sid e city, etc. Aggregate cap ital of association ; amount. National banking as- sociations ; consoli da- tions. Vol. 40, p. 1043; Vol. 44, p. 1225 . U.S.C.,p. 260; Supp. Vhp 129 . `State", added . Vol. 44, p . 1225. U .S .C., Supp . VI, P. 129. Capital of consoli- d ated asso ciati on . Merger of corporate existence . Transfer of rights, pro perty, etc.