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12 U.S.C. § 214 — Definitions

submitted 76 years ago by ch. 729 to r/title-12-BANKS-AND-BANKING · 119 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section defines "State bank" for purposes of merging or consolidating banks under this subchapter. It also clarifies that "national banking association" and "State bank" can each mean one, or more than one, such bank.

(a) In this subchapter and in section 321 of this title, "State bank" means any bank, banking association, trust company, savings bank (except a mutual savings bank), or other banking institution that takes deposits and is incorporated under the laws of a state, a U.S. territory, Puerto Rico, or the Virgin Islands — or that operates under the District of Columbia's Code of Law. (b) When this subchapter and section 321 talk about merging or consolidating banks, "national banking association" means one or more national banking associations, and "State bank" means one or more State banks.
the actual law source: uscode.house.gov ↗public domain
(a)

As used in this subchapter and section 321 of this title the term “State bank” means any bank, banking association, trust company, savings bank (other than a mutual savings bank), or other banking institution which is engaged in the business of receiving deposits and which is incorporated under the laws of any State, any Territory of the United States, Puerto Rico, or the Virgin Islands, or which is operating under the Code of Law for the District of Columbia.

(b)

For purposes of merger or consolidation under this subchapter and section 321 of this title the term “national banking association” means one or more national banking associations, and the term “State bank” means one or more State banks.

Source credit: (Aug. 17, 1950, ch. 729, § 1, 64 Stat. 455; Sept. 3, 1954, ch. 1263, § 24, 68 Stat. 1234; Pub. L. 109–351, title VII, § 725(f), Oct. 13, 2006, 120 Stat. 2002; Pub. L. 109–356, title I, § 123(f), Oct. 16, 2006, 120 Stat. 2029.)

history & why it existsrecord from the source credit
  • 1950Enacted · Act of Aug. 17, 1950, ch. 729 · 64 Stat. 455
  • 1954Amended · Act of Sept. 3, 1954, ch. 1263 · 68 Stat. 1234
  • 2006Amended · Pub. L. 109-351 · 120 Stat. 2002
  • 2006Amended · Pub. L. 109-356 · 120 Stat. 2029

A history note hasn’t been published yet. The record shows enactment by ch. 729 on 1950-08-17.

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