§ 214b. — Continuation of business and corporate entity.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC214b]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER XV--CONVERSION OF NATIONAL BANKS INTO STATE BANKS
Sec. 214b. Continuation of business and corporate entity
The franchise of a national banking association as a national
banking association shall automatically terminate when its conversion
into or its merger or consolidation with a State bank under a State
charter is consummated and the resulting State bank shall be considered
the same business and corporate entity as the national banking
association, although as to rights, powers, and duties the resulting
bank is a State bank. Any references to such national banking
association in any contract, will, or document shall be considered a
reference to the State bank if not inconsistent with the provisions of
the contract, will, or document or applicable law.
(Aug. 17, 1950, ch. 729, Sec. 3, 64 Stat. 456.)
