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Title 12 — Banks and BankingRelease 119-73

§39 Reservation of rights of associations organized under Act of 1863

Title 12 › Chapter CHAPTER 2— - NATIONAL BANKS › Subchapter SUBCHAPTER I— - ORGANIZATION AND GENERAL PROVISIONS › § 39

Last updated Apr 6, 2026|Official source

Summary

Any appointments, actions, or steps taken before June 3, 1864 to set up a national banking association under the law of February 25, 1863 stay valid and are not changed by title 62. Any bank that on June 3, 1864 was formed or being formed under that 1863 law gets the rights and must follow the duties, liabilities, and limits of title 62, even if it did not follow every procedural step in title 62, as long as it was properly organized under the 1863 law.

Full Legal Text

Title 12, §39

Banks and Banking — Source: USLM XML via OLRC

Nothing in title 62 of the Revised Statutes shall affect any appointments made, acts done, or proceedings had or commenced prior to the third day of June 1864, in or toward the organization of any national banking association under the act of February 25, 1863; but all associations which, on the third day of June 1864, were organized or commenced to be organized under that act, shall enjoy all the rights and privileges granted, and be subject to all the duties, liabilities, and restrictions imposed by title 62 of the Revised Statutes, notwithstanding all the steps prescribed by title 62 of the Revised Statutes for the organization of associations were not pursued, if such associations were duly organized under that act.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

Title 62 of the Revised Statutes, referred to in text, was in the original “this Title” meaning title LXII of the Revised Statutes, consisting of R.S. §§ 5133 to 5244, which are classified to this section and section 16, 21, 22 to 24a, 25a, 25b, 26, 27, 29, 35 to 37, 43, 52, 53, 55 to 57, 59 to 62, 66, 71, 72 to 76, 81, 83 to 86, 90, 91, 93, 93a, 94, 141 to 144, 161, 164, 181, 182, 192 to 194, 196, 215c, 481 to 485, 501, 541, 548, and 582 of this title. See, also, section 8, 333, 334, 475, 656, 709, 1004, and 1005 of Title 18, Crimes and Criminal Procedure. For complete classification of R.S. §§ 5133 to 5244 to the Code, see Tables. Act of
February 25, 1863, referred to in text, was act Feb. 25, 1863, ch. 58, 12 Stat. 665, which was the original National Bank Act, and was repealed by act
June 3, 1864, ch. 106, § 62, 13 Stat. 118. Codification R.S. § 5156 derived from act
June 3, 1864, ch. 106, § 62, 13 Stat. 118, which was the National Bank Act. See section 38 of this title.

Reference

Citations & Metadata

Citation

12 U.S.C. § 39

Title 12 — Banks and Banking

Last Updated

Apr 6, 2026

Release point: 119-73