12 USC 214b: Continuation of business and corporate entity
Text contains those laws in effect on November 20, 2024
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER XV-CONVERSION OF NATIONAL BANKS INTO STATE BANKS
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§214b. Continuation of business and corporate entity
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.