§ 51a. — Preferred stock; issuance authorized.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC51a]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
Sec. 51a. Preferred stock; issuance authorized
Notwithstanding any other provision of law any national banking
association may, with the approval of the Comptroller of the Currency
and by vote of shareholders owning a majority of the stock of such
association, upon not less than five days' notice given by registered
mail or by certified mail pursuant to action taken by its board of
directors, issue preferred stock of one or more classes, in such amount
and with such par value as shall be approved by said Comptroller, and
make such amendments to its articles of association as may be necessary
for this purpose; but, in the case of any newly organized national
banking association which has not yet issued common stock, the
requirement of notice to and vote of shareholders shall not apply. No
issue of preferred stock shall be valid until the par value of all stock
so issued shall be paid in and notice thereof, duly acknowledged before
a notary public by the president, vice president, or cashier of said
association, has been transmitted to the Comptroller of the Currency and
his certificate obtained specifying the amount of such issue of
preferred stock and his approval thereof and that the amount has been
duly paid in as a part of the capital of such association; which
certificate shall be deemed to be conclusive evidence that such
preferred stock has been duly and validly issued.
(Mar. 9, 1933, ch. 1, title III, Sec. 301, 48 Stat. 5; June 15, 1933,
ch. 79, 48 Stat. 147; Aug. 23, 1935, ch. 614, title III, Sec. 336, 49
Stat. 720; Pub. L. 86-507, Sec. 1(9), June 11, 1960, 74 Stat. 200.)
Amendments
1960--Pub. L. 86-507 inserted ``or by certified mail'' after
``registered mail''.
1935--Act Aug. 23, 1935, amended last sentence generally.
1933--Act June 15, 1933, struck out all of former section and
inserted a new section which incorporated all former provisions and
inserted ``of one or more classes,'' in first sentence.
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.
Section Referred to in Other Sections
This section is referred to in sections 51c, 212, 213 of this title.
