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12 U.S.C. § 214c — Conversions in contravention of State law

submitted 76 years ago by ch. 729 to r/title-12-BANKS-AND-BANKING · 136 words · no verdicts yet

in plain englishAI-generated · not legal advice

A national bank can't convert into, merge with, or consolidate with a state bank if doing so would violate the law of the state where the national bank sits. It also can't happen unless that state's law lets state banks convert into or merge with national banks under conditions no stricter than section 214a's.

No national banking association can convert into a state bank, or merge or consolidate with a state bank, under this subchapter and section 321 of this title, if doing so would go against the law of the state where the national banking association is located. And even if state law doesn't forbid it, the conversion, merger, or consolidation still can't happen unless that state's law lets state banks convert into, merge with, or consolidate with national banking associations — without needing approval from any state authority — under conditions no stricter than the limits section 214a of this title places on a national bank converting into, merging with, or consolidating with a state bank.
the actual law source: uscode.house.gov ↗public domain

No conversion of a national banking association into a State bank or its merger or consolidation with a State bank shall take place under this subchapter and section 321 of this title in contravention of the law of the State in which the national banking association is located; and no such conversion, merger, or consolidation shall take place under said sections unless under the law of the State in which such national banking association is located State banks may without approval by any State authority convert into and merge or consolidate with national banking associations under limitations or conditions no more restrictive than those contained in section 214a of this title with respect to the conversion of a national bank into, or merger or consolidation of a national bank with, a State bank under State charter.

Source credit: (Aug. 17, 1950, ch. 729, § 4, 64 Stat. 456; July 12, 1952, ch. 696, 66 Stat. 590; Sept. 3, 1954, ch. 1263, § 25, 68 Stat. 1235.)

history & why it existsrecord from the source credit
  • 1950Enacted · Act of Aug. 17, 1950, ch. 729 · 64 Stat. 456
  • 1952Amended · Act of July 12, 1952, ch. 696 · 66 Stat. 590
  • 1954Amended · Act of Sept. 3, 1954, ch. 1263 · 68 Stat. 1235

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

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