Laws: Cases and Codes : U.S. Code : Title 12
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U.S. Code as of:
01/19/04
Chapter 2 - Notes
SUBCHAPTER I - ORGANIZATION AND GENERAL PROVISIONS
Sec.
21. Formation of national banking associations;
incorporators; articles of association.
21a. Amendment of articles of association.
22. Organization certificate.
23. Acknowledgment and filing of certificate.
24. Corporate powers of associations.
24a. Financial subsidiaries of national banks.
(a) Authorization to conduct in subsidiaries
certain activities that are financial in
nature.
(b) Activities that are financial in nature.
(c) Capital deduction.
(d) Safeguards for the bank.
(e) Provisions applicable to national banks that
fail to continue to meet certain requirements.
(f) Failure to maintain public rating or meet
applicable criteria.
(g) Definitions.
25. Omitted.
25a. Participation by national banks in lotteries and
related activities.
(a) Prohibited activities.
(b) Use of banking premises prohibited.
(c) Definitions.
(d) Lawful banking services connected with
operation of lotteries.
(e) Regulations; enforcement.
26. Comptroller to determine if association can commence
business.
27. Certificate of authority to commence banking.
28. Repealed.
29. Power to hold real property.
30. Change of name or location.
(a) Name change.
(b) Location change.
(c) Coordination with section 36 of this title.
(d) Retention of "Federal" in name of converted
Federal savings association.
31. Rights and liabilities as affected by change of name.
32. Liabilities and suits as affected by change of name or
location.
33 to 34c. Transferred.
35. Organization of State banks as national banking
associations.
36. Branch banks.
(a) Lawful and continuous operation.
(b) Converted State banks.
(c) New branches.
(d) Branches resulting from interstate merger
transactions.
(e) Exclusive authority for additional branches.
(f) Law applicable to interstate branching
operations.
(g) State "opt-in" election to permit interstate
branching through de novo branches.
(h) Repealed.
(i) Prior approval of branch locations.
(j) "Branch" defined.
(k) Branches in foreign countries, dependencies, or
insular possessions.
(l) "State bank" and "bank" defined.
37. Associations governed by chapter.
38. The National Bank Act.
39. Reservation of rights of associations organized under
Act of 1863.
40. Virgin Islands; extension of National Bank Act.
41. Guam; extension of National Bank Act.
42. Territorial application.
43. Interpretations concerning preemption of certain State
laws.
(a) Notice and opportunity for comment required.
(b) Publication required.
(c) Exceptions.
SUBCHAPTER II - CAPITAL, STOCK, AND STOCKHOLDERS
51. Repealed.
51a. Preferred stock; issuance authorized.
51b. Dividends, voting, and retirement of preferred stock;
individual liability.
51b-1. Consideration of preferred stock in determining
impairment of capital; dividends; retirement.
51c. "Common stock", "capital", and "capital stock"
defined.
51d to 51f. Repealed.
52. Par value and incidents of stock; transfer of shares.
53. When capital stock paid in.
54. Repealed.
55. Enforcing payment of deficiency in capital stock;
assessments; liquidation; receivership.
56. Prohibition on withdrawal of capital; unearned
dividends.
57. Increase of capital by provision in articles of
association.
58. Repealed.
59. Reduction of capital by vote of shareholders.
60. Dividends.
(a) Periodic declaration; surplus fund.
(b) Approval of Comptroller.
61. Shareholders' voting rights; cumulative and
distributive voting; preferred stock; trust shares;
proxies, liability restrictions; percentage
requirement exclusion of trust shares.
62. List of shareholders.
63, 64. Repealed.
64a. Individual liability of shareholders; limitation on
liability.
65. Repealed.
66. Personal liability of representatives of stockholders.
67. Individual liability of shareholders; compromises;
authority of receiver.
SUBCHAPTER III - DIRECTORS
71. Election.
71a. Number of directors; penalties.
72. Qualifications.
73. Oath.
74. Vacancies.
75. Legal holiday, annual meeting on; proceedings where no
election held on proper day.
76. President of bank as member of board; chairman of
board.
77, 78. Repealed.
SUBCHAPTER IV - REGULATION OF THE BANKING BUSINESS; POWERS AND
DUTIES OF NATIONAL BANKS
81. Place of business.
82. Repealed.
83. Loans by bank on its own stock.
(a) General prohibition.
(b) Exclusion.
84. Lending limits.
(a) Total loans and extensions of credit.
(b) Definitions.
(c) Exceptions.
(d) Authority of Comptroller of the Currency.
85. Rate of interest on loans, discounts and purchases.
86. Usurious interest; penalty for taking; limitations.
86a to 89. Omitted or Repealed.
90. Depositaries of public moneys and financial agents of
Government.
91. Transfers by bank and other acts in contemplation of
insolvency.
92. Acting as insurance agent or broker.
92a. Trust powers.
(a) Authority of Comptroller of the Currency.
(b) Grant and exercise of powers deemed not in
contravention of State or local law.
(c) Segregation of fiduciary and general assets;
separate books and records; access of State
banking authorities to reports of
examinations, books, records, and assets.
(d) Prohibited operations; separate investment
account; collateral for certain funds used in
conduct of business.
(e) Lien and claim upon bank failure.
(f) Deposits of securities for protection of
private or court trusts; execution of and
exemption from bond.
(g) Officials' oath or affidavit.
(h) Loans of trust funds to officers and employees
prohibited; penalties.
(i) Considerations determinative of grant or denial
of applications; minimum capital and surplus
for issuance of permit.
(j) Surrender of authorization; board resolution;
Comptroller certification; activities
affected; regulations.
(k) Revocation; procedures applicable.
93. Violation of provisions of chapter.
(a) Forfeiture of franchise; personal liability of
directors.
(b) Civil money penalty.
(c) Notice under this section after separation from
service.
(d) Forfeiture of franchise for money laundering or
cash transaction reporting offenses.
(d) Authority.
93a. Authority to prescribe rules and regulations.
94. Venue of suits.
94a. Repealed.
95. Emergency limitations and restrictions on business of
members of Federal reserve system; designation of
legal holiday for national banking associations;
exceptions; "State" defined.
95a. Regulation of transactions in foreign exchange of gold
and silver; property transfers; vested interests,
enforcement and penalties.
95b. Ratification of acts of President and Secretary of the
Treasury under section 95a.
SUBCHAPTER V - OBTAINING AND ISSUING CIRCULATING NOTES
101 to 110. Repealed.
SUBCHAPTER VI - REDEMPTION AND REPLACEMENT OF CIRCULATING NOTES
121. Repealed.
121a. Redemption of notes unidentifiable as to bank of
issue.
122 to 127. Repealed.
SUBCHAPTER VII - PROCEEDINGS ON FAILURE OF BANK TO REDEEM
CIRCULATING NOTES
131 to 138. Repealed.
SUBCHAPTER VIII - RESERVE CITIES; LAWFUL RESERVES
141. Central reserve and reserve cities; designation.
142. Banks in reserve cities; reserves.
143. Banks in Alaska and insular possessions; lawful money
reserves.
144. Certain balances counted toward reserves in
dependencies and insular possessions.
145, 146. Repealed.
SUBCHAPTER IX - FORMATION OF ASSOCIATIONS TO ISSUE GOLD NOTES
151 to 153. Repealed.
SUBCHAPTER X - BANK EXAMINATIONS; REPORTS
161. Reports to Comptroller of the Currency.
(a) Reports of condition; form; contents; date of
making; publication.
(b) Payment of dividends.
(c) Reports of affiliates; form; contents; date of
making; publication; penalties.
162, 163. Repealed.
164. Penalty for failure to make reports.
(a) First tier.
(b) Second tier.
(c) Third tier.
(d) Assessment; etc.
(e) Hearing.
165. Omitted.
SUBCHAPTER XI - MISCELLANEOUS PROVISIONS REGARDING UNITED STATES
BONDS IN RELATION TO NATIONAL BANKS
168 to 177. Repealed.
177a. Funds available for cost of transporting and redeeming
national and Federal Reserve bank notes.
178. Repealed.
SUBCHAPTER XII - VOLUNTARY DISSOLUTION
181. Voluntary dissolution; appointment and removal of
liquidating agent or committee; examination.
182. Notice of intent to dissolve.
183 to 186. Repealed.
SUBCHAPTER XIII - RECEIVERSHIP
191. Appointment of Federal Deposit Insurance Corporation
as receiver.
192. Default in payment of circulating notes.
193. Notice to present claims.
194. Dividends on adjusted claims; distribution of assets.
195. Repealed.
196. Expenses.
197. Shareholders' meeting; continuance of receivership;
appointment of agent; winding up business;
distribution of assets.
197a. Resumption of business by closed bank on consent of
depositors.
198. Purchase by receiver of property of bank; request to
Comptroller.
199. Approval of request.
200. Payment.
SUBCHAPTER XIV - BANK CONSERVATION ACT
201. Short title.
202. Definitions.
203. Appointment of conservator.
(a) Appointment.
(b) Judicial review.
(c) Additional grounds for appointment.
(d) Exclusive authority.
(e) Replacement of conservator.
204. Examinations.
205. Termination of conservatorship.
(a) General rule.
(b) Other grounds for termination.
(c) Enforcement under Federal Deposit Insurance
Act.
(d) Action upon termination.
206. Conservator; powers and duties.
(a) General powers.
(b) Subject to rules of Comptroller.
(c) Payment of depositors and creditors.
(d) Compensation of conservator and employees.
(e) Expenses.
207, 208. Repealed.
209. Liability protection.
(a) Federal agency and employees.
(b) Other conservators.
(c) Indemnification.
210. Governmental powers unimpaired.
211. Rules and regulations.
(a) In general.
(b) F.D.I.C. as conservator.
212. Right to amend; separability.
213. Transferred.
SUBCHAPTER XV - CONVERSION OF NATIONAL BANKS INTO STATE BANKS
214. Definitions.
214a. Procedure for conversion, merger, or consolidation;
vote of stockholders.
(a) Approval of board of directors; publication of
notice of stockholders' meeting; waiver of
publication; notice by registered or certified
mail.
(b) Rights of dissenting stockholders.
214b. Continuation of business and corporate entity.
214c. Conversions in contravention of State law.
SUBCHAPTER XVI - CONSOLIDATION AND MERGER
215. Consolidation of banks within same State.
(a) In general.
(b) Liability of consolidated association; capital
stock; dissenting shareholders.
(c) Valuation of shares.
(d) Appraisal by Comptroller; expenses of
consolidated association; sale and resale of
shares; State appraisal and consolidation law.
(e) Status of consolidated association; property
rights and interests vested and held as
fiduciary.
(f) Removal as fiduciary; discrimination.
(g) Issuance of stock by consolidated association;
preemptive rights.
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.
(b) Dissenting shareholders.
(c) Valuation of shares.
(d) Application to shareholders of merging
associations: appraisal by Comptroller;
expenses of receiving association; sale and
resale of shares; State appraisal and merger
law.
(e) Status of receiving association; property
rights and interests vested and held as
fiduciary.
(f) Removal as fiduciary; discrimination.
(g) Issuance of stock by receiving association;
preemptive rights.
215a-1. Interstate consolidations and mergers.
(a) In general.
(b) Scope of application.
(c) Definitions.
215a-2. Expedited procedures for certain reorganizations.
(a) In general.
(b) Reorganization plan.
(c) Rights of dissenting shareholders.
(d) Effect of reorganization.
(e) Approval under the Bank Holding Company Act.
215a-3. Mergers and consolidations with subsidiaries and
nonbank affiliates.
(a) In general.
(b) Scope.
(c) Regulations.
215b. Definitions.
215c. Mergers, consolidations, and other acquisitions
authorized.
(a) In general.
(b) Expedited approval of acquisitions.
(c) Rule of construction.
(d) "Acquire" defined.
SUBCHAPTER XVII - DISPOSITION OF UNCLAIMED PROPERTY RECOVERED FROM
CLOSED NATIONAL BANKS
216. Purpose.
216a. Definitions.
216b. Disposition of unclaimed property.
(a) Limitations for filing claims; publication of
notice in Federal Register; contents of
notice; disclosure of descriptive information;
inspection of specific property.
(b) Delivery of property to claimant upon proof of
entitlement; determination of validity of
claims; recoupment of expenses; liability for
losses; insurance requirements.
(c) Vesting of rights, title and interest in
unclaimed property in United States; sale,
use, destruction or disposition of property;
proceeds of sale as miscellaneous receipts.
(d) Liability for determination of validity of
claims; liability for delivery, sale, etc., of
property.
(e) Court action for determination of ownership,
etc., in State or Federal court of competent
jurisdiction; de novo nature of action;
parties.
(f) Jurisdiction of United States Claims Court of
actions against United States, Comptroller,
officer, etc.; scope of review of actions of
Comptroller; limitations; claims against
Comptroller, officer, etc., as claim against
United States.
216c. Rules and regulations.
216d. Severability.
-SECREF-
NATIONAL BANK ACT REFERRED TO IN OTHER SECTIONS
Sections 21 et seq. of this title are referred to in sections 35,
40, 41, 215c, 501a, 1440, 1467a, 1817, 2254, 3102 of this title;
title 18 section 334; title 28 section 1348.
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