§ 26. — Comptroller to determine if association can commence business.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC26]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER I--ORGANIZATION AND GENERAL PROVISIONS
Sec. 26. Comptroller to determine if association can commence
business
Whenever a certificate is transmitted to the Comptroller of the
Currency, as provided in title 62 of the Revised Statutes, and the
association transmitting the same notifies the comptroller that all of
its capital stock has been duly paid in, and that such association has
complied with all the provisions of title 62 of the Revised Statutes
required to be complied with before an association shall be authorized
to commence the business of banking, the comptroller shall examine into
the condition of such association, ascertain especially the amount of
money paid in on account of its capital, the name and place of residence
of each of its directors, and the amount of the capital stock of which
each is the owner in good faith, and generally whether such association
has complied with all the provisions of title 62 of the Revised Statutes
required to entitle it to engage in the business of banking; and shall
cause to be made and attested by the oaths of a majority of the
directors, and by the president or cashier of the association, a
statement of all the facts necessary to enable the comptroller to
determine whether the association is lawfully entitled to commence the
business of banking.
(R.S. Sec. 5168; Pub. L. 86-230, Sec. 2, Sept. 8, 1959, 73 Stat. 457.)
References in Text
Title 62 of the Revised Statutes, referred to in text, was in the
original ``this Title'' meaning title LXII of the Revised Statutes,
consisting of R.S. Secs. 5133 to 5244, which are classified to sections
21, 22 to 24a, 25a, 26, 27, 29, 35 to 37, 39, 43, 52, 53, 55 to 57, 59
to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144,
161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548,
and 582 of this title. See, also, sections 8, 333, 334, 475, 656, 709,
1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete
classification of R.S. Secs. 5133 to 5244 to the Code, see Tables.
Codification
R.S. Sec. 5168 derived from act June 3, 1864, ch. 106, Sec. 17, 13
Stat. 104, which was the National Bank Act. See section 38 of this
title.
Amendments
1959--Pub. L. 86-230 substituted ``all'' for ``at least 50 per
centum'' before ``of its capital stock''.
Exception as to Transfer of Functions
Functions vested by any provision of law in Comptroller of the
Currency, referred to in this section, not included in transfer of
functions to Secretary of the Treasury, see note set out under section 1
of this title.
