12 U.S.C. § 41 — Guam; extension of National Bank Act

Page 31 TITLE 12—BANKS AND BANKING § 41 RIGHT OF STATE TO OPT OUT Nothing in Pub. L. 105–24 to alter right of States under section 525 of Pub. L. 96–221, see section 3 of Pub. L. 105–24, set out as a note under section 1831a of this title. APPLICABILITY OF MCFADDEN ACT TO PRESENT FINAN- CIAL ENVIRONMENT; REPORT AND RECOMMENDATIONS BY PRESIDENT TO CONGRESS Pub. L. 95–369, § 14, Sept. 17, 1978, 92 Stat. 625, provided for a report to Congress by the President, not later than one year after Sept. 17, 1978, containing rec- ommendations concerning the applicability of the McFadden Act [Feb. 25, 1927, ch. 191, 44 Stat. 1224] to the then current financial, banking, and economic en- vironment. Executive Documents EXCEPTION AS TO TRANSFER OF FUNCTIONS Functions vested by any provision of law in Comp- troller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title. § 37. Associations governed by chapter The provisions of chapters 2, 3, and 4 of title 62 of the Revised Statutes, which are expressed without restrictive words, as applying to ‘‘na- tional banking associations,’’ or to ‘‘associa- tions,’’ apply to all associations organized to carry on the business of banking under any Act of Congress. (R.S. § 5157.) Editorial Notes REFERENCES IN TEXT Chapters 2, 3, and 4 of title 62 of the Revised Statutes, referred to in text, was in the original ‘‘chapters two, three, and four of this Title,’’ meaning chapters 2, 3, and 4 of title 62 of the Revised Statutes, consisting of R.S. §§ 5157 to 5244, which are classified to this section and sections 16, 26, 27, 43, 55, 56, 60, 62, 81, 83 to 86, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 481 to 485, 501, 541, and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5157 to 5244 to the Code, see Tables. § 38. The National Bank Act The Act entitled ‘‘An Act to provide a na- tional currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,’’ approved June 3, 1864, shall be known as ‘‘The National Bank Act.’’ (June 20, 1874, ch. 343, § 1, 18 Stat. 123.) Editorial Notes REFERENCES IN TEXT The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99. The act was incor- porated into the Revised Statutes as R.S. §§ 324 to 327, 328 to 331, 333, 380, 563, 629, 736, 884, 885, 3473, 3475, 3651, 5133 to 5136, 5137 to 5154, 5156, 5158 to 5170, 5172, 5173, 5175, 5177, 5182 to 5184, 5187, 5189, 5190 to 5192, 5195 to 5204, 5206, 5209 to 5211, 5214 to 5215, 5219 to 5222, 5224 to 5239, 5240 to 5242, 5417, which are classified to sections 1 to 4, 8, 11 to 14, 21, 22 to 24, 26, 27, 29, 35, 39, 52, 53, 56, 57, 59 to 62, 66, 71, 72 to 76, 81, 84 to 86, 90, 91, 93, 94, 141 to 144, 161, 165, 181, 182, 192 to 194, 196, 481 to 485, 541, and 548 of this title, section 197 of Title 19, Customs Duties, and section 543 of former Title 31, Money and Finance. See, also, sections 8, 333, 334, 471, 472, 656, and 1005 of Title 18, Crimes and Criminal Procedure, and sections 507, 1348, 1394, and 1733 of Title 28, Judiciary and Judi- cial Procedure. § 39. Reservation of rights of associations orga- nized under Act of 1863 Nothing in title 62 of the Revised Statutes shall affect any appointments made, acts done, or proceedings had or commenced prior to the third day of June 1864, in or toward the organi- zation of any national banking association under the act of February 25, 1863; but all asso- ciations which, on the third day of June 1864, were organized or commenced to be organized under that act, shall enjoy all the rights and privileges granted, and be subject to all the du- ties, liabilities, and restrictions imposed by title 62 of the Revised Statutes, notwithstanding all the steps prescribed by title 62 of the Revised Statutes for the organization of associations were not pursued, if such associations were duly organized under that act. (R.S. § 5156.) Editorial Notes REFERENCES IN TEXT Title 62 of the Revised Statutes, referred to in text, was in the original ‘‘this Title’’ meaning title LXII of the Revised Statutes, consisting of R.S. §§ 5133 to 5244, which are classified to this section and sections 16, 21, 22 to 24a, 25a, 25b, 26, 27, 29, 35 to 37, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5133 to 5244 to the Code, see Tables. Act of February 25, 1863, referred to in text, was act Feb. 25, 1863, ch. 58, 12 Stat. 665, which was the original National Bank Act, and was repealed by act June 3, 1864, ch. 106, § 62, 13 Stat. 118. CODIFICATION R.S. § 5156 derived from act June 3, 1864, ch. 106, § 62, 13 Stat. 118, which was the National Bank Act. See sec- tion 38 of this title. § 40. Virgin Islands; extension of National Bank Act The National Bank Act, as amended [12 U.S.C. 21 et seq.], and all other Acts of Congress relat- ing to national banks, shall, insofar as not lo- cally inapplicable after July 19, 1932, apply to the Virgin Islands of the United States. (July 19, 1932, ch. 508, 47 Stat. 703.) Editorial Notes REFERENCES IN TEXT The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified prin- cipally to chapter 2 (§ 21 et seq.) of this title. For com- plete classification of this Act to the Code, see Ref- erences in Text note set out under section 38 of this title. § 41. Guam; extension of National Bank Act The National Bank Act [12 U.S.C. 21 et seq.], and all other Acts of Congress relating to na- tional banks, shall, insofar as not locally inap- plicable after August 1, 1956, apply to Guam. Page 32 TITLE 12—BANKS AND BANKING § 42 (Aug. 1, 1956, ch. 852, § 2, 70 Stat. 908.) Editorial Notes REFERENCES IN TEXT The National Bank Act, referred to in text, is act June 3, 1864, ch. 106, 13 Stat. 99, which is classified prin- cipally to chapter 2 (§ 21 et seq.) of this title. For com- plete classification of this Act to the Code, see Ref- erences in Text note set out under section 38 of this title. § 42. Territorial application The provisions of all Acts of Congress relating to national banks shall apply in the several States, the District of Columbia, the several Territories and possessions of the United States, and the Commonwealth of Puerto Rico. (Pub. L. 86–230, § 14, Sept. 8, 1959, 73 Stat. 458.) § 43. Interpretations concerning preemption of certain State laws (a) Notice and opportunity for comment required Before issuing any opinion letter or interpre- tive rule, in response to a request or upon the agency’s own motion, that concludes that Fed- eral law preempts the application to a national bank of any State law regarding community re- investment, consumer protection, fair lending, or the establishment of intrastate branches, or before making a determination under section 36(f)(1)(A)(ii) of this title, the appropriate Fed- eral banking agency (as defined in section 1813 of this title) shall— (1) publish in the Federal Register notice of the preemption or discrimination issue that the agency is considering (including a descrip- tion of each State law at issue); (2) give interested parties not less than 30 days in which to submit written comments; and (3) in developing the final opinion letter or interpretive rule issued by the agency, or making any determination under section 36(f)(1)(A)(ii) of this title, consider any com- ments received. (b) Publication required The appropriate Federal banking agency shall publish in the Federal Register— (1) any final opinion letter or interpretive rule concluding that Federal law preempts the application of any State law regarding com- munity reinvestment, consumer protection, fair lending, or establishment of intrastate branches to a national bank; and (2) any determination under section 36(f)(1)(A)(ii) of this title. (c) Exceptions (1) No new issue or significant basis This section shall not apply with respect to any opinion letter or interpretive rule that— (A) raises issues of Federal preemption of State law that are essentially identical to those previously resolved by the courts or on which the agency has previously issued an opinion letter or interpretive rule; or (B) responds to a request that contains no significant legal basis on which to make a preemption determination. (2) Judicial, legislative, or intragovernmental materials This section shall not apply with respect to materials prepared for use in judicial pro- ceedings or submission to Congress or a Mem- ber of Congress, or for intragovernmental use. (3) Emergency The appropriate Federal banking agency may make exceptions to subsection (a) if— (A) the agency determines in writing that the exception is necessary to avoid a serious and imminent threat to the safety and soundness of any national bank; or (B) the opinion letter or interpretive rule is issued in connection with— (i) an acquisition of 1 or more banks in default or in danger of default (as such terms are defined in section 1813 of this title); or (ii) an acquisition with respect to which the Federal Deposit Insurance Corporation provides assistance under section 1823(c) of this title. (R.S. § 5244, as added Pub. L. 103–328, title I, § 114, Sept. 29, 1994, 108 Stat. 2366.) Editorial Notes CODIFICATION Another R.S. § 5244 is classified to section 8 of Title 33, Navigation and Navigable Waters. SUBCHAPTER II—CAPITAL, STOCK, AND STOCKHOLDERS § 51. Repealed. Pub. L. 106–569, title XII, § 1233(c), Dec. 27, 2000, 114 Stat. 3037 Section, R.S. § 5138; Mar. 14, 1900, ch. 41, § 10, 31 Stat. 48; Feb. 25, 1927, ch. 191, § 4, 44 Stat. 1227; June 16, 1933, ch. 89, § 17(a), 48 Stat. 185; Aug. 23, 1935, ch. 614, title III, § 309, 49 Stat. 709, related to capital and surplus require- ments. § 51a. Preferred stock; issuance authorized Notwithstanding any other provision of law, any national banking association may, with the approval of the Comptroller of the Currency and by vote of shareholders owning a majority of the stock of such association, upon not less than five days’ notice, given by registered mail or by certified mail pursuant to action taken by its board of directors, issue preferred stock of one or more classes, in such amount and with such par value as shall be approved by said Comp- troller, and make such amendments to its arti- cles of association as may be necessary for this purpose; but, in the case of any newly organized national banking association which has not yet issued common stock, the requirement of notice to and vote of shareholders shall not apply. No issue of preferred stock shall be valid until the par value of all stock so issued shall be paid in and notice thereof, duly acknowledged before a notary public by the president, vice president, or cashier of said association, has been trans- mitted to the Comptroller of the Currency and his certificate obtained specifying the amount of such issue of preferred stock and his approval thereof and that the amount has been duly paid in as a part of the capital of such association;