12-U.S.C.-215A-2
§215A-2 – §215A-2. Expedited Procedures For Certain Reorganizations
Pathway
Title 12 > Chapter 2 > Subchapter XVI > Section 215a-2
Details
- Reference: Section 215a-2
- Legend: §215A-2 – §215A-2. Expedited Procedures For Certain Reorganizations
- USCode Year: 2013
Provision Content
(a) In general
A national bank may, with the approval of the Comptroller, pursuant to rules and regulations promulgated by the Comptroller, and upon the affirmative vote of the shareholders of such bank owning at least two-thirds of its capital stock outstanding, reorganize so as to become a subsidiary of a bank holding company or of a company that will, upon consummation of such reorganization, become a bank holding company.
(b) Reorganization plan
A reorganization authorized under subsection (a) of this section shall be carried out in accordance with a reorganization plan that—
(1) specifies the manner in which the reorganization shall be carried out;
(2) is approved by a majority of the entire board of directors of the national bank;
(3) specifies—
(A) the amount of cash or securities of the bank holding company, or both, or other consideration to be paid to the shareholders of the reorganizing bank in exchange for their shares of stock of the bank;
(B) the date as of which the rights of each shareholder to participate in such exchange will be determined; and
(C) the manner in which the exchange will be carried out; and
(4) is submitted to the shareholders of the reorganizing bank at a meeting to be held on the call of the directors in accordance with the procedures prescribed in connection with a merger of a national bank under section 215a of this title.
(c) Rights of dissenting shareholders
If, pursuant to this section, a reorganization plan has been approved by the shareholders and the Comptroller, any shareholder of the bank who has voted against the reorganization at the meeting referred to in subsection (b)(4) of this section, or has given notice in writing at or prior to that meeting to the presiding officer that the shareholder dissents from the reorganization plan, shall be entitled to receive the value of his or her shares, as provided by section 215a of this title for the merger of a national bank.
(d) Effect of reorganization
The corporate existence of a national bank that reorganizes in accordance with this section shall not be deemed to have been affected in any way by reason of such reorganization.
(e) Approval under the Bank Holding Company Act
This section does not affect in any way the applicability of the Bank Holding Company Act of 1956 [12 U.S.C. 1841 et seq.] to a transaction described in subsection (a) of this section.
(Nov. 7, 1918, ch. 209, §5, as added Pub. L. 106–569, title XII, §1204(2), Dec. 27, 2000, 114 Stat. 3033.)
References in Text
The Bank Holding Company Act of 1956, referred to in subsec. (e), is act May 9, 1956, ch. 240, 70 Stat. 133, as amended, which is classified principally to chapter 17 (§1841 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 1841 of this title and Tables.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-213 in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-213, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-215A-1 in the Legal Encyclopedia: Credit Institutions
In this entry about 12-U.S.C.-215A-1, find legal reference material, bibliographies and premiere content related to credit institutions in the American Encyclopedia of Law, presenting a comprehensive view of the United States credit institutions-specific issues, written by authorities in the field.
Subchapter XVI – Consolidation and Merger in the Legal Encyclopedia: Banks
In this entry about Subchapter XVI – Consolidation and Merger, find legal reference material, bibliographies and premiere content related to banks in the American Encyclopedia of Law, presenting a comprehensive view of the United States banks-specific issues, written by authorities in the field.
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