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RIGHT OP WO 5 ATI ON AL BAMS TO COISOLIDATE AHD STATUS OP COHSOLIDATED IHSTITUHON WITH RESPECT TO BRAWCEES S e c t i o n 3 3 , T i t l e 1 2 , U . S . Code, p r o v i d e s i n p o r t m followsa "That any t e e or a c r e n a t i o n a l banking a s s o c i a t i o n * l o c a t e d w i t h i n t h e ssme S t a t e , oounty, c i t y , town, o r v i l l a g e n a y , w i t h t h e a p p r o v a l o f t h e C o m p t r o l l e r a f t h e Currcnoy, c o n s o l i d a t e l a t e one a s s o c i a t i o n u n d e r . t h e c h a r t e r o f e i t h e r e x i s t i n g b a n k s , " e t c . I t i s p l a i n t h a t oeneolidation could not take plaae without the approval a f the Comptroller. D i s a p p r o v a l i n h i s d i a e r e t i o n , unless abused, would be f i n a l . S e c t i o n 3 k < a ) o f T i t l e 1 2 , U . S . Coda ( e n a c t e d i n F e b r u a r y 1 9 2 7 ) , a p p l i e s p r i m a r i l y t a t h e c o n s o l i d a t i o n of a S t a t e bank w i t h a n a t i o n a l bank but i t else contains t h e following previa!on• "Upon such a c o n s o l i d a t i o n , o r upon a c o n s o l i d a t i o n a f two or mere n a t i o n a l b a n k i n g a s s o c i a t i o n s under s e c t i o n 1 o f t h i s A e t e t h e e e r p e r e t e e x i s t e n c e a f eaeh of t h e c o n s t i t u e n t banks and n a t i o n a l b a n k i n g a s s o c i a t i o n s p a r t i c i p a t i n g l a auah c o n s o l i d a t i o n s h a l l ha merged i n t o and c o n t i n u e d i n t h e c o n s o l i d a t e d n a t i o n a l banking a s s o c i a t i o n and t h e c o n s o l i d a t e d a s s o c i a t i o n s h a l l be deemed t a be t h e esme c o r p o r a t i o n aa eaeh o f the c o n s t i t u e n t i n s t i t u t i o n s . A l l the r i g h t s , f r a n e h l a c a , end i n t e r e s t s a f eaeh a f auah c o n s t i t u e n t banks and n a t i o n a l b a n H n g a s s o c i a t i one i n and t o e v e r y s p e c i e s o f p r o p e r t y , r e a l , p e r s o n a l , smd mixed, end ohoses i n a c t i o n t h e r e t o b e l o n g i n g , s h a l l b e deemed t o he t r a n s f e r r e d t o and v e s t e d i n sash c o n s o l i d a t e d n a t i o n a l banking a s s o c i a t i o n " , a t e * A c c o r d i n g l y , t h e c h a r t e r powers of eaeh e f t h e c o n s o l i d a t e d l n a t i The a f o r e s a i d A c t o f February l f & 7 a l e c c e n t a l ned t u t i o n would he c o n t i n u e d . t h e f e l l e e i m g p r o v i s i o n w i t h r e e p e e t t o d c e w s t i e branch hanke - s e c t i o n 3 6 , T i t l e 12, U . S. Cede. "The c o n d i t i o n s up am which a n a t i o n a l b a n k i n g a s s o c i a t i o n may r e * t a i n or e e t a h l i s h and o p e r a t e a bran oh or branehes a r e t h e f o l l o w i n g « "(a) A n a t i o n a l bsmking a s s o c i a t i o n may r e t a i n smd o p e r a t e aueh branch c r branches as i t may have i n l a w f u l o p e r a t i o n at t h e d a t e o f t h e a p p r o v a l o f t h i s A c t , mid amy n a t i o n a l h a n k i n g a s s o c i a t i o n w h i c h has c o n t i n u o u s l y m a i n t a i n e d and o p e r a t e d n o t more tham one branch f a r a p e r i o d o f marc t h a n t w e n t y - f i v e y e a r s i m m e d i a t e l y p r e c e d i n g t h e a p p r o v a l a f t i d e A e t may e e n t i a a e t a m a i n t a i n and o p e r a t e auah b r i The p r e v i a i o n e e f t h e c h a r t e r s a f t h e r e s p e c t i v e s u b j e c t hanke have n e t beam a v a i l a b l e f a r s t u t y b e t , w i t h r e e p e e t t o b r a n c h e s , t h e f o r e g o i n g would h e a l i m i t a t i o n upon t h e c h a r t e r powers A a t e v e r t h e o r i g i n a l e h a r t e r s may have p r o v i d e d , under t h i s e e e t l o n the e e n a e l i d a t e d hank e e a l d r e t a i n t h e ef eetahliahed e The above e e e t i e m 33"
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