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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 forfeited
 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 general
 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 twothirds
 of the capital stock of such bank or banking association,
 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 corporations
 originally organized hereunder.