Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section215a&num=0&edition=prelim
Timestamp: 2020-06-01 08:57:33
Document Index: 328557943

Matched Legal Cases: ['§ 215', '§215', '§3', '§2', '§20', '§3', '§102', '§2', '§1', '§2', '§2']

[USC02] 12 USC 215a: Merger of national banks or State banks into national banks
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12 USC 215a: Merger of national banks or State banks into national banks Text contains those laws in effect on May 31, 2020
§215a. Merger of national banks or State banks into national banks
(a) Approval of Comptroller, board and shareholders; merger agreement; notice; capital stock; liability of receiving association
One or more national banking associations or one or more State banks, with the approval of the Comptroller, under an agreement not inconsistent with this subchapter, may merge into a national banking association located within the same State, under the charter of the receiving association. The merger agreement shall-
(1) be agreed upon in writing by a majority of the board of directors of each association or State bank participating in the plan of merger;
(2) be ratified and confirmed by the affirmative vote of the shareholders of each such association or State bank owning at least two-thirds of its capital stock outstanding, or by a greater proportion of such capital stock in the case of a State bank if the laws of the State where it is organized so require, at a meeting to be held on the call of the directors, after publishing notice of the time, place, and object of the meeting for four consecutive weeks in a newspaper of general circulation published in the place where the association or State bank is located, or, if there is no such newspaper, then in the newspaper of general circulation published nearest thereto, and after sending such notice to each shareholder of record by certified or registered mail at least ten days prior to the meeting, except to those shareholders who specifically waive notice, but any additional notice shall be given to the shareholders of such State bank which may be required by the laws of the State where it is organized. Publication of notice may be waived, in cases where the Comptroller determines that an emergency exists justifying such waiver, by unanimous action of the shareholders of the association or State banks;
(3) specify the amount of the capital stock of the receiving association, which shall not be less than that required under existing law for the organization of a national bank in the place in which it is located and which will be outstanding upon completion of the merger, the amount of stock (if any) to be allocated, and cash (if any) to be paid, to the shareholders of the association or State bank being merged into the receiving association; and
(4) provide that the receiving association shall be liable for all liabilities of the association or State bank being merged into the receiving association.
(Nov. 7, 1918, ch. 209, §3, formerly §2, as added Pub. L. 86–230, §20, Sept. 8, 1959, 73 Stat. 463 ; renumbered §3, Pub. L. 103–328, title I, §102(b)(4)(A), Sept. 29, 1994, 108 Stat. 2351 ; amended Pub. L. 112–231, §2(b)(2)(B), Dec. 28, 2012, 126 Stat. 1619 .)
Provisions similar to those comprising this section were contained in section 4 of act Nov. 7, 1918, ch. 209, as added July 14, 1952, ch. 722, §1, 66 Stat. 599 (formerly classified to section 34b of this title), prior to the complete amendment and renumbering of act Nov. 7, 1918, by Pub. L. 86–230.
2012-Subsec. (e). Pub. L. 112–231, §2(b)(2)(B)(i), substituted "and receiver" for "receiver, and committee of estates of lunatics".
Subsec. (f). Pub. L. 112–231, §2(b)(2)(B)(ii), substituted "or receiver" for "receiver, or committee of estates of lunatics".