Chapter 257. To amend section 5136, Revised Statutes of the United States, relating to corporate powers of associations, so as to provide succession thereof for a period of ninety-nine years or until dissolved, and to apply said section as so amended to all national banking associations
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CHAP. 257.— An Act To amend section 5136, Revised Statutes of the United States, relating to corporate powers of associations, so as to provide succession thereof for a period of ninety-nine years or until dissolved, and to apply said section as so amended to all national banking associations. July 1, 1922.[[H. R. 9527](/us/bill/67/hr/9527).][[Public, No. 262](/us/pl/67/262).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section 5136 ofNational Banks. [R.
S., sec. 5136, p. 993](/us/rs/s5136/p993), amended. the Revised Statutes of the United States be amended so that the paragraph therein designated as “Second” shall read as follows: " “Second. To have succession until ninety-nine years from July 1,Corporate powers to continue for 99 years. 1922, or from the date of its organization if organized after July 1, 1922, unless it shall be sooner dissolved by the act of its shareholders owning two-thirds of its stock, or unless its franchise shall become forfeited by reason of violation of law, or unless it shall be terminated by Act of Congress hereafter enacted.
” " Sec. 2. That all Acts or parts of Acts providing for the extensionRepeal of laws limiting extensions to 20 years. Vol. 22, p. 162; Vol. 32, p. 102. Applicable to existing charters. of the period of succession of national banking associations for twenty years are hereby repealed, and the provisions of paragraph second of section 5136, Revised Statutes, as herein amended shall apply to all national banking associations now organized and operating under any law of the United States.
Approved, July 1, 1922.