12 U.S.C. § 39 — Reservation of rights of associations organized under Act of 1863

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This section protects national banking associations that started organizing under an 1863 law before June 3, 1864. A later banking law, title 62 of the Revised Statutes, doesn't undo their earlier appointments or actions. Those associations still get all the rights and duties of the later law, even if they skipped some organizing steps.

Nothing in title 62 of the Revised Statutes affects any appointment made, act done, or proceeding started or held before June 3, 1864, toward organizing a national banking association under the Act of February 25, 1863. Any association that, as of June 3, 1864, was organized or had begun organizing under that 1863 Act still gets every right and privilege granted by title 62 of the Revised Statutes, and is bound by every duty, liability, and restriction it imposes — even though the association did not follow every step title 62 later prescribed for organizing associations — as long as it was duly organized under the 1863 Act.

the actual law source: uscode.house.gov ↗public domain

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 organization of any national banking association under the act of February 25, 1863; but all associations 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 duties, 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.

Source credit: (R.S. § 5156.)

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