National banking under the Federal Reserve System

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Monograph

Identifikator:: 1757542345

URN:: urn:nbn:de:zbw-retromon-135097

Document type:: Monograph

Title:: National banking under the Federal Reserve System

Place of publication:: New York

Publisher:: The National City Bank of New York

Year of publication:: 1927

Scope:: 154 S.

Digitisation:: 2021

Collection:: Economics Books

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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Corporate existence

Collection:: Economics Books

CORPORATE EXISTENCE yy Sh Coad of me National Banking Law of 1863 provided that national banks should have a corporate existence for the period named in the articles of association, but not to exceed twenty years. In the re- vision and re-enactment of the law in 1864, the corporate existence was fixed at twenty years from the date of organization. By the Act of June 12, 1882, the associations were authorized to extend their corporate existence for an additional period of twenty years, and by the Act of April 12, 1902, for a further period of twenty years. In 1922, a number of banks organized in 1863 reached the end of their corporate existence. In anticipation of this condition the Comptroller, in his Annual Report to Congress in 1921, submitted two bills; First, for a third extension of charters for a period of twenty years, to be effected as had been the prior extensions, and the other to grant to national banking associations perpetual succession. The latter bill received favorable consideration by the Committee on Banking and Currency of the House of Representatives, and was passed by the House. The bill had the unanimously favorable con- sideration of the Senate Committee on Banking and Currency, but when reported to the Senate was amended, fixing ninety-nine years as the period of succession. This amendment being agreed to in conference and the House accepting the report of the conferees, the bill as submitted was passed, and received Presidential approval on July 1, 1922. This legislation automatically extended for ninety-nine years the period of succession of all banks organized and operating on July 1, 1922, and granted to all banks organized after that date, succession for ninety-nine years from the date of organization. With the passage of the Act of February 25, 1927, a national bank has “succession from the date of the approval of this Act, or from the date of its organiza- tion if organized after such date of approval, until such time as it be dissolved by the act of its shareholders owning two-thirds of its stock, or until its franchise becomes forfeited by reason of violation of law, or until terminated by either a general or a special Act of Congress or until its affairs be placed in the hands of a receiver and finally wound [ 54 1

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