Page:United States Statutes at Large Volume 76.djvu/715

 76 STAT. ]

PUBLIC LAW 87-721-SEPT. 28, 1962

667

Public Law 87-721 AN ACT

September 28, 1962

To amend section 5155 of the Revised Statutes relating to banli branches which may be retained upon conversion or consolidation or merger.

[H. R. 12899]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assenwled, That subsection (b) Bank brancjies. of section 5155 of the Revised Statutes, as amended (12 U.S.C. 36), is „e^gef""°" ^^*" amended to read as follows: "(b)(1) A national bank resulting from the conversion of a State bank may retain and operate as a branch any office which was a branch of the State bank immediately prior to conversion if such office— " (A) might be established under subsection (c) of this section as a new branch of the resulting national bank, and is approved by the Comptroller of the Currency for continued operation as a branch of the resulting national bank; " (B) was a branch of any bank on February 25, 1927; or " (C) is approved by the Comptroller of the Currency for continued operation as a oranch of the resulting national bank. The Comptroller of the Currency may not grant approval under clause (C) of this paragraph if a State bank (in a situation identical to that of the national bank) resulting from the conversion of a national bank would be prohibited by the law of such State from retaining and operating as a branch an identically situated office which was a branch of the national bank immediately prior to conversion. "(2) A national bank (referred to in this paragraph as the 'resulting bank'), resulting from the consolidation of a national bank (referred to in this paragraph as the 'national bank') under whose charter the consolidation is effected with another bank or banks, may retain and operate as a branch any office which, immediately prior to such consolidation, was in operation as— " (A) a main office or branch office of any bank (other than the national bank), participating in the consolidation if, under subsection (c) of this section, it might be established as a new branch of the resulting bank, and if the Comptroller of the Currency approves bf its continued operation after the consolidation; " (B) a branch of any bank participating in the consolidation, and which, on February 25, 1927, was in operation as a branch of £^ny bank; or " (C) a branch of the national bank and which, on February 25, 1927, was not in operation as a branch of any bank, if the Comptroller of the Currency approves of its continued operation after the consolidation. The Comptroller of the Currency may not grant approval under clause (G) of this paragraph if a State bank (in a situation identical to that of the resulting national bank) resulting from the consolidation into a State bank of another bank or banks would be prohibited by the law of such State from retaining and operating as a branch an identically situated office which was a branch of the State bank immediately prior to consolidation. "(3) As used in this subsection, the term 'consolidation' includes a "Consoiidation.»» merger." Approved September 28, 1962.

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