Pratt's Digest of Federal Banking Laws (Paperback)

This historic book may have numerous typos, missing text or index. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1920. Not illustrated. Excerpt: ... CHAPTEB IX. Extension Of Corporate Existence. Section 506. Provision for Extension. 507. Date of Expiration of Old Charter. 508. Application for Extension--Forms. 509. Consent of Shareholders--Forms. 510. Certificate of President or Cashier. 511. Authority to Sign. 512. Certificate of Extension. 513. Circulating Notes. 514. Bond Deposit with TJ. S. Treasurer. 515. Dissenting Shareholders. 516. Officers' Bonds. 517. Re-extension of Corporate Existence--Forms. 518. Reorganization Instead of Extension. 519. Same--Name of New Bank. 520. Same--Procedure. 521. Same--Liquidation of Old Association. 506. Provision for Extension.--The Act of Congress approved July 12, 1882, provided that any National banking association, at any time within the two years next previous to the date of the expiration of its corporate existence under present law, and with the approval of the Comptroller of the Currency, may extend its period of succession, by amending its articles of association, for a term of not more than twenty years. The Act of Congress approved April 12, 1902, authorizes the Comptroller of the Currency in the manner provided by, and under the conditions and limitations of the Act of July 12, 1882, to extend for a further period of twenty years the charter of any National banking association extended under said act which shall desire to continue its existence after the expiration of its charter. The course of procedure, on the part of an association, in effecting a second extension of charter is the same as in the case of a first extension. 507. Date of Expiration of Old Charter.--The date of expiration of the old charter is determined by the date of execution of the organization certificate, as Section 5136 of the Revised Statutes provides that all associat...