§ 57. — Increase of capital by provision in articles of association.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC57]
TITLE 12--BANKS AND BANKING
CHAPTER 2--NATIONAL BANKS
SUBCHAPTER II--CAPITAL, STOCK, AND STOCKHOLDERS
Sec. 57. Increase of capital by provision in articles of
association
Any national banking association may, with the approval of the
Comptroller of the Currency, and by a vote of shareholders owning two-
thirds of the stock of such associations, increase its capital stock to
any sum approved by the said comptroller, but no increase in capital
shall be valid until the whole amount of such increase is 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 increase in capital stock and his
approval thereof, and that it has been duly paid in as part of the
capital of such association: Provided, however, That a national banking
association may, with the approval of the Comptroller of the Currency,
and by the vote of shareholders owning two-thirds of the stock of such
association, increase its capital stock by the declaration of a stock
dividend, provided that the surplus of said association, after the
approval of the increase, shall be at least equal to 20 per centum of
the capital stock as increased. Such increase shall not be effective
until a certificate certifying to such declaration of dividend, signed
by the president, vice president, or cashier of said association and
duly acknowledged before a notary public, shall have been forwarded to
the Comptroller of the Currency and his certificate obtained specifying
the amount of such increase of capital stock by stock dividend, and his
approval thereof.
(R.S. Sec. 5142; Feb. 25, 1927, ch. 191, Sec. 5, 44 Stat. 1227.)
Codification
R.S. Sec. 5142 derived from act June 3, 1864, ch. 106, Sec. 13, 13
Stat. 103, which was the National Bank Act. See section 38 of this
title.
Amendments
1927--Act Feb. 25, 1927, among other changes, inserted proviso.
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.
