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12 U.S.C. § 21aAmendment of articles of association

submitted 67 years ago by Pub. L. 86-230 to r/title-12-BANKS-AND-BANKING · 152 words · no verdicts yet

in plain englishAI-generated · not legal advice

A national bank can amend its articles of association for any lawful reason. Shareholders must approve changes by majority vote at a properly noticed meeting. The bank must send a certified copy of each amendment to the Comptroller of the Currency.

This law lets a national bank change its articles of association — the document that sets up the bank. Unless another law or the bank's own articles say otherwise, the articles may be amended with respect to any lawful matter. To make a change, or take any other action requiring stockholder approval, the bank needs the approving vote of the holders of a majority of its voting shares. That vote must happen at a meeting of the stockholders. The bank must call the meeting by giving notice through the mail at least ten days before the meeting — unless every stockholder entitled to notice waives that notice instead. After stockholders adopt an amendment, the bank must send a certified copy of it to the Comptroller of the Currency, to be filed and preserved in the Comptroller's office.
the actual law source: uscode.house.gov ↗public domain

Except as otherwise specifically provided by law, or by the articles of association of the particular national banking association, the articles of association of a national banking association may be amended with respect to any lawful matter, and any action requiring the approval of the stockholders of such association may be had by the approving vote of the holders of a majority of the voting shares of the stock of the association obtained at a meeting of the stockholders called and held pursuant to notice given by mail at least ten days prior to the meeting or pursuant to a waiver of such notice given by all stockholders entitled to receive notice of such meeting. A certified copy of every amendment to the articles of association adopted by the shareholders of a national banking association shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office.

Source credit: (Pub. L. 86–230, § 13, Sept. 8, 1959, 73 Stat. 458.)

history & why it existsrecord from the source credit
  • 1959Enacted · Pub. L. 86-230 · 73 Stat. 458

A history note hasn’t been published yet. The record shows enactment by Pub. L. 86-230 on 1959-09-08.

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