Responsibility of states for damage caused in their territory to the person or property of foreigners

National banking under the Federal Reserve System

Bibliographic data

Monograph

Identifikator:: 1831665921

URN:: urn:nbn:de:zbw-retromon-222025

Document type:: Monograph

Author:: Maúrtua, Víctor M.; Scott, James Brown http://d-nb.info/gnd/117654191

Title:: Responsibility of states for damage caused in their territory to the person or property of foreigners

Place of publication:: New York

Publisher:: Oxford Univ. Press

Year of publication:: 1930

Scope:: V, 67 S.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: III. Municipal legislation

Collection:: Economics Books

SUCCESSION OF A STATE BANK BY A NATIONAL BANK the capital stock of the bank, authorizing the directors to convert the bank into a national association, as provided for in Sec. 5154, United States Revised Statutes, and acts amendatory thereof. The directors, or a majority of them, must be authorized also to execute Articles of Association, Organization Certificate, all other necessary papers, and to perform all the necessary acts required in the process of conversion. Forms for the Articles of Association, the Organization Certificate, and the Certificate of Payment of Capital, are furnished by the Comptroller, and the procedure is the same as that outlined under these heads in the preceding chapter (see pages 25, 26, 27, 28, 29). Since the directors of every national bank must number at least five, if the board of a converting state bank is composed of less than that number, an increase must be effected under the laws of the state, prior to the execution of any conversion papers other than the appli- cation. Duly qualified directors of a state bank may continue as directors of a national bank, regardless of the number of shares owned by each, until the first annual election is held. Then, to be eligible for re-election, each must own the number of shares required by the National Bank Act (see “Directors,” page 27). Oaths as directors of a national bank must be taken. It has been held by the Solicitor of the Treasury that a trust com- pany organized under state laws may convert into a national bank, providing it complies with all conditions of the law, divesting itself of all trust except such as the Federal Reserve Board may authorize it to retain under the Federal Reserve Act. It is now possible for a state bank to consolidate directly with a national bank without first becoming itself a national bank either by reorganization or conversion (see page 38). | 89 |

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