Title 12 — Banks and Banking
Chapter 2 — National Banks
§ 214b. Continuation of business and corporate entity
Statutory text
The franchise of a national banking association as a national banking association shall automatically terminate when its conversion into or its merger or consolidation with a State bank under a State charter is consummated and the resulting State bank shall be considered the same business and corporate entity as the national banking association, although as to rights, powers, and duties the resulting bank is a State bank. Any reference to such national banking association in any contract, will, or document shall be considered a reference to the State bank if not inconsistent with the provisions of the contract, will, or document or applicable law.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 81–729 § 3 · 64 Stat. 455
Enacted · 12 U.S.C. § 214b
(Aug. 17, 1950, ch. 729, § 3, 64 Stat. 456.)
Source evidence
Code source credit
(Aug. 17, 1950, ch. 729, § 3, 64 Stat. 456.)Enacted provision · exact public law section
Sec. 3. same entity The franchise of a national banking association as a national Termination of franchise. banking association shall automatically terminate when its conversion into or its merger or consolidation with a State bank under a State charter is consummated and the resulting State bank shall be considered the same business and corporate entity as the national banking association, although as to rights, powers, and duties the resulting bank is a State bank. Any reference to such national banking association in any contract, will, or document shall be considered a reference to the State bank if not inconsistent with the provisions of the contract, will, or document or applicable law.
1 of 1 references resolved to an enrolled provision
Credits
(Aug. 17, 1950, ch. 729, § 3, 64 Stat. 456.)