Page:United States Statutes at Large Volume 73.djvu/495

 73

STAT.]

PUBLIC LAW 86-230-SEPT. 8, 1959

467

Public Law 86-230 AN ACT

September 8, 1959

To amend the national banking laws to clarify or eliminate ambiguities, to repeal certain laws which have become obsolete, and for other purposes.

[H. R. 3159]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the para- Nationaibanking graph designated "Seventh" in section 5136 of the Revised Statutes Revision. (12 U.S.C. 24) is amended by striking out "or the Home Owners' Tjoan Corporation". (b) Section 23A of the Federal Reserve Act (12 U.S.C. e37lc) is '•s Stat. i83. amended— (1) by striking out "the Federal Home Loan Banks, or the Home Owners' Loan Corporation" in the second paragraph and inserting in lieu thereof "or the Federal Home Loan Banks"; and (2) by striking out ", or the Home Owners' Loan Corporation" in the third paragraph. SEC. 2. Section 5168 of the Revised Statutes (12 U.S.C. 26) is amended by striking out "at least fifty per centum" and inserting in SEC. 3. Section 2 of the Act of May 1, 1886 (ch. 73, 24 Stat. 18; 12 U.S.C. 30) is amended to read as follows: "SEC. 2. Any national banking association, with the approval of the (Comptroller of the Currency, may change its name or change the location of the main office of such association within the limits of the city, town, or village in which it is situated. Any national banking association, with the approval of the Comptroller of the Currency, may change the location of the main office of such association to any other location outside the limits of the city, town, or village in which it is located, but not more than thirty miles distant, by the vote of shareholders owning two-thirds of the stock of such association. A duly authenticated notice of the vote and of the new name or location selected shall be sent to the Comptroller of the Currency; but no change of name or location shall be valid until the Comptroller shall have issued his certificate of approval of the same." SEC. 4. Section 5140 of the Revised Statutes (12 U.S.C. 53) is amended to read as follows: "SEC. 5140. All of the capital stock of every national banking assocation shall be paid in before it shall be authorized to commence business." SEC. 5. Section 5141 of the Revised Statutes (12 U.S.C. 54) is repealed. SEC. 6. Section 1 of the Act of May 1, 1886 (ch. 73, 24 Stat. 18), is repealed. SEC. 7. Section 5151 of the Revised Statutes (12 U.S.C. 63) and section 23 of the Federal Reserve Act (12 U.S.C. 64) are repealed. SEC. 8. Section 2 of the Act of June 30, 1876 (ch. 156, 19 Stat. 63; 12 U.S.C. 65), is repealed. SEC. 9. Section 5149 of the Revised Statutes (12 U.S.C. 75) is amended to read as follows: "SEC, 5149. When the day fixed in the articles of association for the regular annual meeting of the shareholders falls on a legal holiday in the State in which the bank is located, the shareholders meeting shall be held, and the directors elected, on the next following banking day. If, from any cause, an election of directors is not made on the day fixed, or in the event of a legal holiday, on the next following banking day, an election may be held on any subsequent day within sixty days of the day fixed, to be designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-

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12 USC 53. 38 Stat. 273.

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