Title 12, Banks and BankingRelease 119-102
§628 Extension of Corporate Existence
Title 12 › CHAPTER 6 — FOREIGN BANKING › SUBCHAPTER II — ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING › § 628
Summary
Within two years before it expires, a corporation may ask the Federal Reserve Board to extend its existence up to twenty years if shareholders owning two-thirds of the stock approve. The extension can end sooner by a two-thirds shareholder vote, by Congress, or by forfeiture for violating the law.
Full Legal Text
Title 12, §628
Banks and Banking, Source: USLM XML via OLRC
Any corporation organized under the provisions of this subchapter may at any time within the two years next previous to the date of the expiration of its corporate existence, by a vote of the shareholders owning two-thirds of its stock, apply to the Board of Governors of the Federal Reserve System for its approval to extend the period of its corporate existence for a term of not more than twenty years, and upon certified approval of the Board of Governors of the Federal Reserve System such corporation shall have its corporate existence for such extended period unless sooner dissolved by the act of the shareholders owning two-thirds of its stock, or by an Act of Congress or unless its franchise becomes forfeited by some violation of law.
Legislative History
Notes & Related Subsidiaries
Editorial Notes
References in Text
This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act Dec. 23, 1913, which is classified to this subchapter (§ 611 et seq.). Codification Section is comprised of par. 20 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.
Statutory Notes and Related Subsidiaries
Change of Name
section 203(a) of act Aug. 23, 1935, changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.
Reference
Citations & Metadata
Citation
12 U.S.C. § 628
Title 12, Banks and Banking
Last Updated
Aug 21, 2026
Release point: 119-102