Page:United States Statutes at Large Volume 66.djvu/645

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STAT.]

599

PUBLIC LAW 530-JULY 14, 1952

SEC. 7. The authority contained in this Act shall be in addition to, and shall not limit or supersede, authority contained in existing law with respect to the control, suppression, and eradication of pests, plants, and plant diseases. Approved July 14, 1952. Public Law 530

CHAPTER 7 2 2

AN ACT To provide for the merger of two or more national banking associations and for the merger of State banks with national banking associations, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Act entitled "An Act to provide for the consolidation of national banking associations", approved November 7, 1918, as amended (U.S.C. title 12, sees, 33, 34, and 34a), is hereby amended by adding at the end thereof new sections 4 and 5 to read as follows: "SEC. 4. (a) One or more national banking associations or one or more State banks, with the approval of the Comptroller, under an agreement not inconsistent with this Act, may merge into a national banking association located within the same State, under the charter of the receiving association. "(b) The merger agreement shall— "(1) be agreed upon in writing by a majority of the board of directors of each association or State bank participating in the plan of merger; "(2) be ratified and confirmed by the affirmative vote of the shareholders of each association or State bank owning at least two-thirds of the capital stock outstanding, at a meeting to be held on the call of the directors, after publishing notice of the time, place, and object of the meeting for four consecutive weeks in a newspaper with general circulation in the place where the association or State bank is located, and after sending such notice to each shareholder of record by registered mail at least ten days prior to the meeting, except to those shareholders who specifically waive notice; " (3) specify the amount of the capital stock of the receiving association which will be outstanding upon completion of the merger, the amount of stock (if any) to be allocated, and cash (if any) to be paid to the shareholders of the association or State bank being merged into the receiving association; and "(4) provide the manner of disposing of any shares of the receiving association not taken by the shareholders of the association or State bank merged into the receiving association. "If a merger shall be voted for at the called meetings by the necessary majorities of the shareholders of each association or State bank participating in the plan of merger, any shareholder of any association or State bank to be merged into the receiving association who has voted against the merger at the meeting of the shareholders, or has given notice in writing at or prior to the meeting to the presiding officer that he dissents from the plan of merger, shall be entitled to receive the value of the shares held by him if and when the merger shall be approved by the Comptroller. The value of the shares shall be ascertained, as of the date of the meeting of the shareholders of the association or State bank approving the merger, by an appraisal made by

July 14, 1952 [S. 2128]

National b a n k ing associations. 40 Stat. 1043; 44 Stat. 1225.

M e r g e r agrees ment.

D i s s enting shareholder.

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