§ 27. Certificate of authority to commence banking

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.

1. undated

   R.S. § 5169

   Enacted · 12 U.S.C. § 27

   R.S. § 5169

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code source credit
   R.S. § 5169

2. 1978

   Financial Institutions Regulatory and Interest Rate Control Act of 1978

   Pub. L. 95–630 title XV § 1504 · 92 Stat. 3641

   Inserted · 12 U.S.C. § 27

   Pub. L. 95–630 inserted provision that a National Bank Association, to which the Comptroller of the Currency has heretofore issued or hereafter issues such certificate, is not illegally constituted solely because its operations are or have been required by the Comptroller of the Currency to be limited to those of a trust company and activities related thereto

   Source evidence

   Code amendment note
   Pub. L. 95–630 inserted provision that a National Bank Association, to which the Comptroller of the Currency has heretofore issued or hereafter issues such certificate, is not illegally constituted solely because its operations are or have been required by the Comptroller of the Currency to be limited to those of a trust company and activities related thereto.

   Enacted provision · exact public law section
   Sec. 1504. Section 5169 of the Revised Statutes (12 U.S.C. 27) is amended by adding at the end thereof the following new sentence: “A National Bank Association, to which the Comptroller of the Currency has heretofore issued or hereafter issues such certificate, is not illegally constituted solely because its operations are or have been required by the Comptroller of the Currency to be limited to those of a trust company and activities related thereto.”

   Effective date note
   Pub. L. 95–630, title XV, § 1505, Nov. 10, 1978, 92 Stat. 3713, provided that: “This title [amending this section and sections 1715z–10 and 2902 of this title and amending provisions set out as a note under section 1666f of Title 15, Commerce and Trade] shall take effect upon enactment [Nov. 10, 1978].”

3. 1980

   Depository Institutions Deregulation and Monetary Control Act of 1980

   Pub. L. 96–221 § 712(a) · 94 Stat. 131

   Inserted · 12 U.S.C. § 27

   Pub. L. 96–221, § 712(a), (c), temporarily inserted provisions relating to treatment of national banking associations as additional banks within the contemplation of section 1842 of this title. See Termination Date of 1980 Amendment note below

   Source evidence

   Code amendment note
   Pub. L. 96–221, § 712(a), (c), temporarily inserted provisions relating to treatment of national banking associations as additional banks within the contemplation of section 1842 of this title. See Termination Date of 1980 Amendment note below.

   Enacted provision · exact public law section
   (a) Section 5169 of the Revised Statutes (12 U.S.C. 27) is amended by adding at the end thereof the following: “Notwithstanding the provisions of the preceding sentence, a national banking association the operations of which are limited as provided in the preceding sentence shall be deemed an additional bank within the contemplation of section 3 of the Bank Holding Company Act of 1956.”. 12 USC 1842.

4. 1982

   Garn-St Germain Depository Institutions Act of 1982

   Pub. L. 97–320 title IV § 404(a) · 96 Stat. 1469

   1. Amended · 12 U.S.C. § 27

      Pub. L. 97–320 designated existing provisions as subsec. (a)

   2. Added · 12 U.S.C. § 27

      Pub. L. 97–320 added subsec. (b)

   Source evidence

   Code amendment note
   Pub. L. 97–320 designated existing provisions as subsec. (a) and added subsec. (b).

   Enacted provision · exact public law section
   (a) Section 5169 of the Revised Statutes (12 U.S.C. 27) is amended— (1) by inserting “(a)” before “If,”; and (2) by adding at the end thereof the following: “(b) (1) The Comptroller of the Currency may also issue a certificate of authority to commence the business of banking pursuant to this section to a national banking association which is owned exclusively (except to the extent directors’ qualifying shares are required by law) by other depository institutions and is organized to engage exclusively in providing services for other depository institutions and their officers, directors, and employees. “(2) Any national banking association chartered pursuant to paragraph (1) shall be subject to such rules, regulations, and orders as the Comptroller deems appropriate, and, except as otherwise specifically provided in such rules, regulations, or orders, shall be vested with or subject to the same rights, privileges, duties, restrictions, penalties, liabilities, conditions, and limitations that would apply under the national banking laws to a national bank.”.

5. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 § 322(a)(2)(A) · 108 Stat. 2160

   Inserted · 12 U.S.C. § 27(b)(1)

   Pub. L. 103–325, § 322(a)(2)(A), inserted “or depository institution holding companies” after “by other depository institutions”

   Source evidence

   Code amendment note
   Subsec. (b)(1). Pub. L. 103–325, § 322(a)(2)(A), inserted “or depository institution holding companies” after “by other depository institutions”.

   Enacted provision · exact public law section
   (A) by inserting “or depository institution holding companies” after “(except to the extent directors’ qualifying shares are required by law) by other depository institutions”; and

6. 1994

   Riegle Community Development and Regulatory Improvement Act of 1994

   Pub. L. 103–325 § 322(a)(2)(B) · 108 Stat. 2160

   Substituted · 12 U.S.C. § 27(b)(1)

   Pub. L. 103–325, § 322(a)(2)(B), which directed substitution of “services to or for other depository institutions, their holding companies, and the officers, directors, and employees of such institutions and companies, and in providing correspondent banking services at the request of other depository institutions or their holding companies (also referred to as a ‘banker’s bank’)” for “services for other depository institutions and their officers, directors and employees”, was executed by making the substitution for “services for other depository institutions and their officers, directors, and employees” to reflect the probable intent of Congress

   Target inherited from the preceding amendment note.

   Source evidence

   Code amendment note
   Pub. L. 103–325, § 322(a)(2)(B), which directed substitution of “services to or for other depository institutions, their holding companies, and the officers, directors, and employees of such institutions and companies, and in providing correspondent banking services at the request of other depository institutions or their holding companies (also referred to as a ‘banker’s bank’)” for “services for other depository institutions and their officers, directors and employees”, was executed by making the substitution for “services for other depository institutions and their officers, directors, and employees” to reflect the probable intent of Congress.

   Enacted provision · exact public law section
   (B) by striking “services for other depository institutions and their officers, directors and employees” and inserting the following: “services to or for other depository institutions, their holding companies, and the officers, directors, and employees of such institutions and companies, and in providing correspondent banking services at the request of other depository institutions or their holding companies (also referred to as a ‘banker’s bank’)”.

6 of 7 references resolved to an enrolled provision · 1 unresolved