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HG 2406

A5

1926

COMMITTEE ON BANKING AND CURRENCY

GEORGE P. MCLEAN, Connecticut, Chairman

ORVINGTON E. WELLER, Maryland. DUNCAN U. FLETCHER, Florida.
PETER NORBECK, South Dakota.

CARTER GLASS, Virginia.
WALTER E. EDGE, New Jersey.

EDWARD I. EDWARDS, New Jersey.
GEORGE WHARTON PEPPER, Pennsyl- HUBERT D. STEPHENS, Mississippi.
vania.

EARLE B. MAYFIELD, Texas.
LAWRENCE C. PHIPPS, Colorado.

SAM G. BRATTON, New Mexico.
FREDERIC M. SACKETT, Kentucky, LAWRENCE D. TYSON, Tennessee.

LYNN J. FRAZIER, North Dakota.

W. H SAULT, Clerk.
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LIBRARY OF CONGRESS

RECEIVED

MAR 25 1926

DOCUMENTOR

CONSOLIDATION OF NATIONAL BANKING ASSOCIATIONS

TUESDAY, FEBRUARY 16, 1926

UNITED STATES SENATE,
SUBCOMMITTEE ON BANKING AND CURRENCY,

Washington, D. C. The subcommittee met, pursuant to call of the chairman at 10 o'clock a. m., in room 301, Senate Office Building, Senator Pepper (chairman) presiding:

Present: Senators Edge and Glass.
The subcommittee had under consideration the following bills:

(S. 1782, Sixty-ninth Congress, first session)

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A BILL To amend an act entitled "An act to provide for the consolidation of national banking associations," approved November 7, 1918; to amend section 5136 as amended, section 5137, section 5138 as amended, section 5142, section 5150, section 5155, section 5190, section 5200 as amended, section 5202 as amended, section 5211 as amended, of the Revised Statutes of the United States; and to amend section 9, section 13, section 22, and section 24 of the Federal reserve act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the act entitled “An act to provide for the consolidation of national banking associations,” approved November 7, 1918, be amended by adding at the end thereof a new section to read as follows:

"SEC. 3. That any bank incorporated under the laws of any State, or any bank incorporated in the District of Columbia, may be consolidated with a national banking association located in the same county, city, town, or village under the charter of such national banking association on such terms and conditions as may be lawfully agreed upon by a majority of the board of directors of each association or bank proposing to consolidate, and which agreement shall be ratified and confirmed by the affirmative vote of the shareholders of each such association or bank owning at least two-thirds of its capital stock outstanding, or by a greater proportion of such capital stock in the case of such State bank if the laws of the State where the same is organized so require, at a meeting to be held on the call of the directors after publishing notice of the time, place, and object of the meeting for four consecutive weeks in some newspaper of general circulation published in the place where the said association or bank is located, and if no newspaper is published in the place, then in a paper of general circulation published nearest thereto, unless such notice of meeting is waived in writing by all stockholders of any such association or bank, and after sending such notice to each shareholder of record by registered mail at least ten days prior to said meeting, but any additional notice shall be given to the shareholders of such State bank which may be required by the laws of the State where the same is organized: Provided, That the capital stock of such consolidated association shall not be less than that required under existing law for the organization of a national banking association in the place in which such consolidated association is located; and all the rights, franchises, and interests of such State bank so consolidated with a national banking association in and to every species of property, real, personal, and mixed, and choses in action thereto belonging, shall be deemed to be transferred to and vested in such national banking association into which it is consolidated without any deed or other transfer, and the said consolidated national banking association shall hold and enjoy the same and all rights of property, franchises, and interests in the same manner and to the same extent as was held and enjoyed by such State bank so consolidated with such national banking association: And provided further, That when such consolidation shall have been effected and approved by the comptroller any shareholder

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