An Act to amend section 5155 of the Revised Statutes relating to bank branches which may be retained upon conversion or consolidation or merger
PL 87-721 (H.R.12899), enacted 09/28/1962

76 STAT. ] 
PUBLIC LAW 87-721-SEPT. 28, 1962 
667 
Public Law 87-721 
A N A C T 
September 28,1962 
To amend section 5155 of the Revised Statutes relating to banli branches which 
[H. R. 12899] 
may be retained upon conversion or consolidation or merger. 
Be it enacted hy the Senate and House of Representatives 
of the 
United States of America in Congress assenwled, That subsection (b) 
Bank brancjies. 
of section 5155 of the Revised Statutes, as amended (12 U.S.C. 36), is „e^gef""°" ^^*" 
amended to read as follows: 
"(b) (1) A national bank resulting from the conversion of a State 
bank may retain and operate as a branch any office which was a 
branch of the State bank immediately prior to conversion if such 
office— 
"(A) might be established under subsection (c) of this section 
as a new branch of the resulting national bank, and is approved 
by the Comptroller of the Currency for continued operation as 
a branch of the resulting national bank; 
"(B) was a branch of any bank on February 25, 1927; or 
"(C) is approved by the Comptroller of the Currency for con-
tinued operation as a oranch of the resulting national bank. 
The Comptroller of the Currency may not grant approval under 
clause (C) of this paragraph if a State bank (in a situation identical 
to that of the national bank) resulting from the conversion of a 
national bank would be prohibited by the law of such State from 
retaining and operating as a branch an identically situated office 
which was a branch of the national bank immediately prior to 
convei-sion. 
"(2) A national bank (referred to in this paragraph as the 'result-
ing bank'), resulting from the consolidation of a national bank 
(referred to in this paragraph as the 'national bank') under whose 
charter the consolidation is effected with another bank or banks, may 
retain and operate as a branch any office which, immediately prior to 
such consolidation, was in operation as— 
" (A) a main office or branch office of any bank (other than the 
national bank), participating in the consolidation if, under sub-
section (c) of this section, it might be established as a new branch 
of the resulting bank, and if the Comptroller of the Currency 
approves bf its continued operation after the consolidation ; 
"(B) a branch of any bank participating in the consolidation, 
and which, on February 25,1927, was in operation as a branch of 
£^ny bank; or 
"(C) a branch of the national bank and which, on February 
25, 1927, was not in operation as a branch of any bank, if the 
Comptroller of the Currency approves of its continued operation 
after the consolidation. 
The Comptroller of the Currency may not grant approval under clause 
(G) of this paragraph if a State bank (in a situation identical to that 
of the resulting national bank) resulting from the consolidation into 
a State bank of another bank or banks would be prohibited by the law 
of such State from retaining and operating as a branch an identically 
situated office which was a branch of the State bank immediately prior 
to consolidation. 
"(3) As used in this subsection, the term 'consolidation' includes a "Consoiida-
merger." 
Approved September 28, 1962. 
tion.»»