12 U.S.C. § 40 — Virgin Islands; extension of National Bank

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.