12 U.S.C. § 30 — Change of name or location

Page 25 TITLE 12—BANKS AND BANKING § 30 such real estate, rights, or interests for such longer period of time as would be permitted a State chartered bank by the law of the State in which the association is located if the aggregate amount of earnings from such real estate, rights, or interests is separately disclosed in the annual financial statements of the association. (R.S. § 5137; Feb. 25, 1927, ch. 191, § 3, 44 Stat. 1227; Pub. L. 96–221, title VII, § 701(a), Mar. 31, 1980, 94 Stat. 186; Pub. L. 97–25, title III, § 302, July 27, 1981, 95 Stat. 145; Pub. L. 97–320, title IV, § 413, Oct. 15, 1982, 96 Stat. 1521.) Editorial Notes REFERENCES IN TEXT Title 62 of the Revised Statutes, referred to in last par., 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, 35 to 37, 39, 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. CODIFICATION R.S. § 5137 derived from act June 3, 1864, ch. 106, § 28, 13 Stat. 107, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 1982—Pub. L. 97–320 substituted ‘‘Notwithstanding the five-year holding limitation of this section or any other provision of title 62 of the Revised Statutes, any national banking association which on October 15, 1982, held, directly or indirectly, real estate, including any subsurface rights or interests therein, that since De- cember 31, 1979, had not been valued on the books of such association for more than a nominal amount, may continue to hold such real estate, rights, or interests for such longer period of time as would be permitted a State chartered bank by the law of the State in which the association is located if the aggregate amount of earnings from such real estate, rights, or interests is separately disclosed in the annual financial statements of the association’’ for ‘‘Notwithstanding any other provision of this section, any national banking associa- tion which, on July 27, 1981, held title to and possession of real estate which was carried on the association’s books at a nominal value on December 31, 1979, may continue to hold such real estate until December 31, 1982, if the earnings from such real estate are sepa- rately disclosed in the financial statements of the asso- ciation’’. 1981—Pub. L. 97–25 inserted provision that any na- tional banking association which, on July 27, 1981, held title to and possession of real estate which was carried on the association’s books at a nominal value on De- cember 31, 1979, may continue to hold such real estate until December 31, 1982, if the earnings from such real estate are separately disclosed in the financial state- ments of the association. 1980—Pub. L. 96–221 inserted provisions relating to au- thorization to hold real estate in the possession of a na- tional banking association upon application by the as- sociation. 1927—Par. First. Act Feb. 25, 1927, struck out ‘‘imme- diate,’’ before ‘‘accommodation,’’ in par. First. § 30. Change of name or location (a) Name change Any national banking association, upon writ- ten notice to the Comptroller of the Currency, may change its name, except that such new name shall include the word ‘‘National’’. (b) Location change Any national banking association, upon writ- ten notice to the Comptroller of the Currency, may change the location of its main office to any authorized branch location within the lim- its of the city, town, or village in which it is sit- uated, or, with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the limits of the city, town, or village in which it is located, but not more than thirty miles beyond such limits. (c) Coordination with section 36 of this title In the case of a national bank which relocates the main office of such bank from 1 State to an- other State after May 31, 1997, the bank may re- tain and operate branches within the State from which the bank relocated such office only to the extent authorized in section 36(e)(2) of this title. (d) Retention of ‘‘Federal’’ in name of converted Federal savings association (1) In general Notwithstanding subsection (a) or any other provision of law, any depository institution, the charter of which is converted from that of a Federal savings association to a national bank or a State bank after November 12, 1999, may retain the term ‘‘Federal’’ in the name of such institution if such institution remains an insured depository institution. (2) Definitions For purposes of this subsection, the terms ‘‘depository institution’’, ‘‘insured depository institution’’, ‘‘national bank’’, and ‘‘State bank’’ have the meanings given those terms in section 1813 of this title. (May 1, 1886, ch. 73, § 2, 24 Stat. 18; Pub. L. 86–230, § 3, Sept. 8, 1959, 73 Stat. 457; Pub. L. 97–320, title IV, § 405(a), Oct. 15, 1982, 96 Stat. 1512; Pub. L. 97–457, § 19(a), Jan. 12, 1983, 96 Stat. 2509; Pub. L. 103–328, title I, § 102(b)(2), Sept. 29, 1994, 108 Stat. 2350; Pub. L. 106–102, title VII, § 723, Nov. 12, 1999, 113 Stat. 1471.) Editorial Notes AMENDMENTS 1999—Subsec. (d). Pub. L. 106–102 added subsec. (d). 1994—Subsec. (c). Pub. L. 103–328 added subsec. (c). 1983—Subsec. (b). Pub. L. 97–457 inserted ‘‘for a relo- cation outside such limits’’ after ‘‘stock of such asso- ciation’’. 1982—Pub. L. 97–320 designated existing provisions as subsec. (a), substituted provisions permitting a change of name upon written notice to the Comptroller, such new name to include ‘‘National’’, for provisions permit- ting a change of name or location of the main office, with approval of the Comptroller, within city limits, etc., or outside such limits by vote of shareholders, such change to be validated by certificate of approval, and added subsec. (b). 1959—Pub. L. 86–230 required approval of Comptroller of the Currency before a national bank could change lo- cation of its main office within the limitations of the city, town, or village in which it is situated. Page 26 TITLE 12—BANKS AND BANKING § 31 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. § 31. Rights and liabilities as affected by change of name All debts, liabilities, rights, provisions, and powers of the association under its old name shall devolve upon and inure to the association under its new name. (May 1, 1886, ch. 73, § 3, 24 Stat. 19.) § 32. Liabilities and suits as affected by change of name or location Nothing contained in sections 30 and 31 of this title shall be so construed as in any manner to release any national banking association under its old name or at its old location from any li- ability, or affect any action or proceeding in law in which said association may be or become a party or interested. (May 1, 1886, ch. 73, § 4, 24 Stat. 19.) §§ 33 to 34c. Transferred Editorial Notes CODIFICATION Act Nov. 7, 1918, ch. 209, 40 Stat. 1043, as amended, for- merly classified to sections 33 to 34c of this title, which related to consolidation and merger of national bank- ing associations and such associations and State banks, was completely amended by Pub. L. 86–230, § 20, Sept. 8 1959 73 Stat. 460, and is classified to sections 215 to 215b of this title. Section 33, acts Nov. 7, 1918, ch. 209, § 1, 40 Stat. 1043; June 16, 1933, ch. 89, § 24(a), 48 Stat. 190; Aug. 23, 1935, ch. 614, § 330, 49 Stat. 718, related to consolidation of na- tional banks, capital stock, dissenting shareholders, notice and valuation of shares. See section 215 of this title. Section 34, act Nov. 7, 1918, ch. 209, § 2, 40 Stat. 1044, related to effect of consolidation on rights and liabil- ities. See section 215 of this title. Section 34a, act Nov. 7, 1918, ch. 209, § 3, as added Feb. 25, 1927, ch. 191, § 1, 44 Stat. 1225, and amended June 16, 1933, ch. 89 § 24, 48 Stat. 190; Aug. 23, 1935, ch. 614, § 331, 49 Stat. 719; July 14, 1952, ch. 722, § 2, 66 Stat. 601, re- lated to consolidation of State bank, etc. with national bank, capital stock and dissenting shareholders. See section 215 of this title. Section 34b, act Nov. 7, 1918, ch. 209, § 4, as added July 14, 1952, ch. 722, § 1, 66 Stat. 599, related to merger of na- tional banking associations or State banks into na- tional banking associations. See section 215a of this title. Section 34c, act Nov. 7, 1918, ch. 209, § 5, as added July 14, 1952, ch. 722, § 1, 66, Stat. 601, related to definitions. See section 215b of this title. § 35. Organization of State banks as national banking associations Any bank incorporated by special law of any State or of the United States or organized under the general laws of any State or of the United States and having an unimpaired capital suffi- cient to entitle it to become a national banking association under the provisions of the existing laws may, by the vote of the shareholders own- ing not less than fifty-one per centum of the capital stock of such bank or banking associa- tion, with the approval of the Comptroller of the Currency be converted into a national banking association, with a name that contains the word ‘‘national’’: Provided, however, That said conver- sion shall not be in contravention of the State law. In such case the articles of association and organization certificate may be executed by a majority of the directors of the bank or banking institution, and the certificate shall declare that the owners of fifty-one per centum of the capital stock have authorized the directors to make such certificate and to change or convert the bank or banking institution into a national association. A majority of the directors, after executing the articles of association and the or- ganization certificate, shall have power to exe- cute all other papers and to do whatever may be required to make its organization perfect and complete as a national association. The shares of any such bank may continue to be for the same amount each as they were before the con- version, and the directors may continue to be di- rectors of the association until others are elect- ed or appointed in accordance with the provi- sions of the statutes of the United States. When the Comptroller has given to such bank or bank- ing association a certificate that the provisions of this Act have been complied with, such bank or banking association, and all its stockholders, officers, and employees shall have the same pow- ers and privileges and shall be subject to the same duties, liabilities, and regulations, in all respects, as shall have been prescribed by the Federal Reserve Act [12 U.S.C. 221 et seq.] and the National Banking Act for associations origi- nally organized as national banking associa- tions. The Comptroller of the Currency may, in his discretion and subject to such conditions as he may prescribe, permit such converting bank to retain and carry at a value determined by the Comptroller such of the assets of such con- verting bank as do not conform to the legal re- quirements relative to assets acquired and held by national banking associations. The Comp- troller of the Currency may not approve the conversion of a State bank or State savings as- sociation to a national banking association or Federal savings association during any period in which the State bank or State savings associa- tion is subject to a cease and desist order (or other formal enforcement order) issued by, or a memorandum of understanding entered into with, a State bank supervisor or the appropriate Federal banking agency with respect to a sig- nificant supervisory matter or a final enforce- ment action by a State Attorney General. (R.S. § 5154; Dec. 23, 1913, ch. 6, § 8, 38 Stat. 258; Aug. 23, 1935, ch. 614, title III, § 312, 49 Stat. 711; Pub. L. 97–457, § 19(b), Jan. 12, 1983, 96 Stat. 2509; Pub. L. 111–203, title VI, § 612(b), July 21, 2010, 124 Stat. 1612.) Editorial Notes REFERENCES IN TEXT This Act, referred to in first par., may refer to the Federal Reserve Act, act Dec. 23, 1913, from which this wording is derived; or section 5154 of the Revised Stat-