New-York tribune., 1882-03-01
NATIONAL BANK CHARTERS.

WASHINGTON, Feb. 28.-Attorney General
Brewster has given his opinion the questions affect
ing National banks and their charters suggested by the
Controller of the Currency. The questions were:
/. Can National banking associations organized under
the act of February 25, 1868, amend their articles Of
associations
@ II So can associations so organized for period OF
less than twenty years from the date OF the act under
the terms of Section IL amend their articles of assoca-
ton and obtain the full period Of twenty years from the
date Of the act
8. Would an amendment of articles OF association
changing the maximum originally determined be con-
sstent with law, provided the new maximum be de-
termined by the Comptroller Of the Currencyf
Would an amendment creasing the number OF drec
tors originally adopted be inconsistent with the terms OF
Section $780, Revised Statutes which provides that no
change shall be made by which tie rights, etc., OF cred
ftors shall be impairedf
s When the periods Of succession of National banking
organized under of the laws of Congress
expre anything In the present National banking
laws of the United States to prevent those who may have
been stockholders OF expiring 2oraons from organ
izng new National banking associations with the same
nao those formerly possessed by the expiring assoc
atops provided such names are taken with the approval
of the Controller of the Currencyi
G. Is there anything to prevent National banking
associations whose periods OF succession expire from
converting State banks under the enabling acts OF
the various States and subsequently reconverng under
Section 5154 Revised Statutes. into National banking
associations with names which had been previously
held by associations whose corporate existence had
exnred particularly in States where there also laws
enabling State banks convert into National banking
associations How would II be II there were euch enap
ing acts the ones mentf0nedf
The Acknowledgement groups the first two questions
and in replying to them reviews at considerable length
the legislation referred TO in them. He sums up his
reply TO them in these words: -,
That associations organized under the act OF Feb
rnary 25 1868 can my opinion amend their articles
where this does conflict With the provisions or the
statute ,.,, % -,
2 That associations organized for period OF less
than twenty years from the date of the net cannot III
INV opinion by amending their articles extend the period
TO twenty years from that date
The third question ig answered in the affirmative.
In to the fourth question II suDlt tat an
amendment Of the articles providing Tor an increase or
the number of directors would be inconsistent with
the provisions of the statute. ~
10 the fifth question he replies that the present Ma
tiona banking laws not forbid the stockholders OF an
expiring corporation from organizing new banking as
eociaon nor from assuming the name OF the olu cOror
aon with the approval of the Controller OF the Cur
rencv and absence of prohibition to that effect
no legal obstacle to the formation OF new ASSOCIATION
by such stockholders and the adoption OF the name OF
the old association would In his opinion exist
the remaining question he replies tnat ne uoes Hot
know of anything prevent National banking asso-
cation upOn the expiration OF the period limited for ts
duration from being converted into State bank unGer
the laws OF the State provided it has nqudaed it's a
fairs agreeably the laws of CoDgrss nor after 1t has
thus become State bank tc prevent such BANK from
being converted back into National DlnRng aesocla
tinn lpGer Section 5l5 Of the Revised Statutes and
adjoining the name Of the expired corporation, with the
approval of Controller Of the Currency TO enable
a STATE bank so to reconstruct itself into National
banking associaon authority from the state is not ne
ceSsdry.