National banking under the Federal Reserve System

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Monograph

Identifikator:: 891224181

URN:: urn:nbn:de:zbw-retromon-65049

Document type:: Monograph

Author:: Levenstein, Adolf http://d-nb.info/gnd/116961155

Title:: Die Arbeiterfrage

Place of publication:: München

Publisher:: Verlag Ernst Reinhardt

Year of publication:: 1912

Scope:: 1 Online-Ressource (406 Seiten)

Digitisation:: 2017

Collection:: Economics Books

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SUCCESSION OF A STATE BANK BY A NATIONAL BANK [puny are two ways in which a state bank may enter the national banking system other than through consolidation with an existing national bank: Re-organization. Conversion. 1. Re-organization—When it is deemed advisable by the directors and stockholders to transform their bank into a national association by re-organization, the dominant motive is normally the desire to effect a re-distribution of stock, and sometimes to provide for a more satisfactory investment of loanable funds. In re-organization proceedings, the method of incorporation is precisely the same as that followed in organizing a new bank, out- lined step by step in the preceding chapter. After it has received its authority from the Comptroller to begin business, the re-organized bank is privileged to enter into a contract to purchase the assets of the liquidating state bank, and to assume its liabilities to depositors and other creditors, providing that all assets so acquired are of a satisfactory value, and conform to the requirements of the National Bank and the Federal Reserve Acts; and providing that the bank complies with the provisions of the National Bank Act relating to branch banks (see subsequent chapter on Branches, page 92). A copy of this contract, properly signed and executed, is forwarded to the Comptroller’s office, together with an agreement signed by the directors of the re-organized bank, to the effect that the assets to be acquired from the state bank will not include real estate, except banking premises, stocks, loans secured by real estate, except those permitted by Sec. 24 of the Federal Reserve Act; not any loans in excess of 109, of the capital stock of the national bank actually paid-in and unimpaired, and 109, of unimpaired surplus fund, except as authorized by the amendments of October 22, 1919, and of February 25, 1927, to Section 5200 U. S. R. S. (See Loans, Page 60). | 37 |

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