Title 12 — Banks and BankingRelease 119-73not60
§39 Reservation of Rights of Associations Organized Under Act of 1863
Title 12 › Chapter 2— NATIONAL BANKS › Subchapter I— ORGANIZATION AND GENERAL PROVISIONS › § 39
Summary
Acts done before June 3, 1864 to start national banks under February 25, 1863 law stay valid despite later Revised Statutes; banks that on that date were formed or forming under that law, if organized under it, have rights and must follow rules even if steps were missed.
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referred to in text, was act Feb. 25, 1863, ch. 58, 12 Stat. 665, which was the original National Bank Act, and was repealed by act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 3, 2026
Release point: 119-73not60