12 U.S.C. § 214b (2024)
This is the official text of 12 U.S.C. § 214b (2024), part of Federal (US Code)’s United States Code — the codified general and permanent federal statutes of the United States, organized into more than 50 numbered titles by subject.
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Continuation of business and corporate entity
Official statutory text
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 reference 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, §3, 64 Stat. 456.)
(Aug. 17, 1950, ch. 729, §3, 64 Stat. 456.)
Status: in_force · Read it on the official government site
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