CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS 
of either the association or of the State bank so consolidated, who has not voted 
for such consolidation, may give notice to the directors of the consolidated asso- 
ciation within twenty days from the date of the certificate of approval of the 
comptroller that he dissents from the plan of consolidation as adopted and 
approved, whereupon he shall be entitled to receive the value of the shares so 
held by him, to be ascertained by an appraisal made by a committee of three 
persons; one 0 be selected by the shareholder, one by the directors of the consoli- 
dated association, and the third by the two so chosen; and in case the value so 
fixed shall not be satisfactory to such shareholder he may within five days after 
being notified of the appraisal appeal to the Comptroller of the Currency, who 
shall cause a reappraisal to be made, which shall be final and binding; and the 
consolidated association shall pay the expenses of reappraisal, and the value as 
ascertained by such appraisal or reappraisal shall be deemed to be a debt due 
and shall be forthwith paid to said shareholder by said consolidated association, 
and the shares so paid for shall be surrendered and, after due notice, sold at 
public auction within thirty days after the final appraisement provided for in 
this act; and if the shares so sold at public auction shall be sold at a price greater 
than the final appraised value, the excess in such sale price shall be paid to the 
said shareholder; and the consolidated association shall have the right to purchase 
such shares at public auction, if it is the highest bidder therefor, for the purpose 
of reselling such shares within thirty days thereafter to such person or persons 
and at such price as its board of directors by resolution may determine: And 
provided further, That the liquidation of such shares of stock in any State bank 
shall be determined in the manner prescribed by the law of the State in such 
cases if such provision is made in the State law; otherwise as hereinbefore pro- 
vided: And provided further, That no such consolidation shall be in contraven- 
tion of the law of the State under which such bank is incorporated: And provided 
further, That, except as to branches in foreign countries or dependencies or 
insular possessions of the United States, it shall be unlawful for any such consoli- 
dated association to retain in operation any branches of such State bank which 
may have been established beyond the corporate limits of the city, town, or 
village in which such consolidated association is located, and it shall be unlawful 
for any such consolidated association to retain in operation any branches which 
may have been established subsequent to the approval of this act within the 
corporate limits of the city, town, or village in which such consolidated associa- 
tion is located, in any State which at the time of the approval of this act did not 
permit State banks created by or existing under the laws of such State to have 
such branches.” ) i 
Swe. 2. (a) Section 5136 of the Revised Statutes of the United States, sub- 
section “ second” thereof as amended, be amended to read as follows: 
“Second. To have succession from the date of the approval of this act, or from 
the date of its organization 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 ter- 
minated 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 up by him.” 
(b) That section 5136 of the Revised Statutes of the United States, subsection 
“seventh” thereof, be further amended by adding at the end of thé first paragraph 
thereof the following: . rn 
“ Provided, That the business of buying and selling investment securities shall 
hereafter be limited to buying and selling without recourse marketable obligations 
svideneing indebtedness of any person, copartnership, association, or corporation 
in the form of bonds, notes, debentures, and the like, commonly known as invest- 
ment securities, under such further definition of the term ‘investment securities’ 
as may by regulation be prescribed by the Comptroller of the Currency, and the 
total amount of such investment securities of any one obligor or maker held by 
such association shall at no time exceed 25 per centum of the amount of the 
capital stock of such association actually paid in and unimpaired and 25 per 
centum of its unimpaired surplus fund, but this limitation as to total amount shall 
not apply to obligations of the United States, or general obligations of any State or 
of any political subdivision thereof, or obligations issued under authority of the 
Federal farm loan act: And provided further, That in carrying on the business 
commonly known as the safe-deposit business no such association shall invest in 
the capital stock of a corporation organized under the law of any State to conduct 
a safe-deposit business located on or adjacent to the premises of such association, 
in an amount in excess of 15 per centum of the capital stock of such association