CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS 
obtained specifying the amount of such increase of capital stock by stock divi- 
dend, and his approval thereof.” , 
Sec. 6. Section 5150 of the Revised Statutes of the United States be amended 
to read as follows: 
“Spc. 5150. The president of the bank shall be a member of the board and 
shall be the chairman thereof, but the board may designate a director in lieu of 
the president to be chairman of the board, who shall perform such duties as may 
be designated by the board.” 
SEC. 7. Section 5155 of the Revised Statutes of the United States be amended 
so read as follows: 
“Src. 5155. It shall be lawful for any bank or banking association organized 
under State laws and having branches to become a national banking association 
in conformity with existing laws, and to retain its branches, or such one or more 
of them as it may elect to retain: Provided, That it shall be unlawful for any such 
State bank having branches in operation outside of the corporate limits or other 
such boundaries of the city, town, or village in which such State bank is located, 
but not including any branch established in a foreign country or dependency or 
insular possession of the United States, to retain such branches, upon conversion 
into a national banking association: And provided further, That it shall be lawful 
for any national banking association having, prior to the approval of this act, 
acquired branches by virtue of having elected to retain such branches after having 
been converted from a State bank with branches into a national banking associa- 
tion, or through consolidation with such an association having such branches, to 
continue to operate any such branches, but it shall be unlawful for any national 
banking association having been converted into such association under the pro- 
visions of section 5154 of the Revised Statutes to retain in operation any branch, 
wherever located, which may have been established subsequent to the approval 
of this act, in any State which did not at the time of the approval of this act, 
permit State banks or trust companies created by or existing under the Jaws of 
such State to have branches.” 
Sec. 8. Section 5190 of the Revised Statutes of the United States be amended 
to read as follows: 
“Spe. 5190. The general business of each national banking association shall 
be transacted in the place specified in its organization certificate, but it shall be 
unlawful for any such association to establish a branch in any State which does 
not at the time of the approval of this act permit banks created by or existing 
under the laws of such State to establish branches, or to establish in any State 
a branch beyond the corporate limits of the municipality wherein such associa- 
tion is located, but any such association in any State which at the time of the 
approval of this act permits banks created by or existing under the laws of such 
State to establish branches may, upon application to the Comptroller of the 
Currency and upon approval by him, be permitted to establish a branch or 
branches within the corporate limits of the municipality wherein such associa- 
tion is located: Provided, That it shall be unlawful for any such association to 
maintain in operation a branch within the corporate limits of such a municipality 
where the population by the last decennial census is less than twenty-five thou- 
sand or to maintain more than one branch where such population is not less than 
twenty-five thousand and not more than fifty thousand, or to “maintain more 
than two branches where such population is more than fifty thousand and not 
more than one hundred thousand, but these restrictions as to number shall not 
be construed to require the relinquishment of any branches acquired prior to 
the approval of this act: And provided further, That all branches of such associa- 
tions shall be subject to the general supervisory powers of the Comptroller of 
the Currency and shall operate under such regulations as he may prescribe: 
And provided further, That it shall be unlawful for any such association to estab- 
lish a branch in any State subsequent to the enactment hereafter by such State 
of a statute which shall deny to all banks created by or existing under the laws 
of such State the right to establish branches within the corporate limits of the 
municipality wherein such banks are located: And provided further, That no pro- 
vision of this section shall be construed to modify or repeal any provision of 
section 5155, Revised Statutes, or of the act of November 7, 1918, as respectively 
amended by this act. : 
“The term ‘branch’ or ‘branches’ as used in this section shall be held to include 
any branch bank, branch office, branch agency, additional office, or any branch 
place of business located in any State or Territory of the United States or in the 
District of Columbia at which deposits are received or checks cashed or money 
loaned.”’