§ 628. — Extension of corporate existence.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC628]
TITLE 12--BANKS AND BANKING
CHAPTER 6--FOREIGN BANKING
SUBCHAPTER II--ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING
Sec. 628. Extension of corporate existence
Any corporation organized under the provisions of this subchapter
may at any time within the two years next previous to the date of the
expiration of its corporate existence, by a vote of the shareholders
owning two-thirds of its stock, apply to the Board of Governors of the
Federal Reserve System for its approval to extend the period of its
corporate existence for a term of not more than twenty years, and upon
certified approval of the Board of Governors of the Federal Reserve
System such corporation shall have its corporate existence for such
extended period unless sooner dissolved by the act of the shareholders
owning two-thirds of its stock, or by an Act of Congress or unless its
franchise becomes forfeited by some violation of law.
(Dec. 23, 1913, ch. 6, Sec. 25A (par.), formerly Sec. 25(a), as added
Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614,
title II, Sec. 203(a), 49 Stat. 704; renumbered Sec. 25A, Pub. L. 102-
242, title I, Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)
References in Text
This subchapter, referred to in text, was in the original ``this
section'', meaning section 25A of act Dec. 23, 1913, which is classified
to this subchapter (Sec. 611 et seq.).
Codification
Section is comprised of a part of section 25A, formerly section
25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24,
1919.
Change of Name
Section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve
Board to Board of Governors of the Federal Reserve System.
