64 
FEDERAL RESERVE ACT SEC. 25 
for its approval to extend the period of its corporate 
existence for a term of not more than twenty years, and 
upon certified approval of the Federal Reserve Board 
such corporation shall have its corporate existence for 
such extended period unless sooner dissolved by the act 
of the shareholders owning two-thirds of its stock, or by 
an Act of Congress or unless its franchise becomes for- 
feited by some violation of law. 
Any bank or banking institution, principally engage 
in foreign business, incorporated by special law of any 
State or of the United States or organized under the gen- 
eral laws of any State or of the United States and having 
an unimpaired capital sufficient to entitle it to become 8 
corporation under the provisions of this section may, by 
the vote of the shareholders owning not less than two- 
thirds of the capital stock of such bank or banking asso- 
ciation, with the approval of the Federal Reserve Board, 
be converted into a Federal corporation of the kind 
authorized by this section with any name approved by 
the Federal Reserve Board: Provided, however, That said 
conversion shall not be in contravention of the State law. 
In such case the articles of association and organization 
certificate may be executed by a majority of the directors 
of the bank or banking institution, and the certificate 
shall declare that the owners of at least two-thirds of the 
capital stock have authorized the directors to make such 
certificate and to change or convert the bank or banking 
institution into a Federal corporation. A majority of the 
directors, after executing the articles of association and 
the organization certificate, shall have power to execute 
all other papers and to do whatever may be required to 
make its organization perfect-and complete as a Federal 
corporation. The shares of any such corporation may 
continue to be for the same amount each as they were 
before the conversion, and the directors may continue 
to be directors of the corporation until others are elected 
or appointed in accordance with the provisions of this 
section. When the Federal Reserve Board has given to 
such corporation a certificate that the provisions of this 
section have been complied with, such corporation and 
all its stockholders, officers, and employees, shall have 
the same powers and privileges, and shall be subject to 
the same duties, liabilities, and regulations, in all respects. 
as shall have been prescribed by this section for cor- 
porations originally organized hereunder.