12 U.S.C. § 57

Increase of capital by provision in articles of association

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Any national banking association may, with the approval of the Comptroller of the Currency, and by a vote of shareholders owning two-thirds of the stock of such associations, increase its capital stock to any sum approved by the said comptroller, but no increase in capital shall be valid until the whole amount of such increase is paid in and notice thereof, duly acknowledged before a notary public by the president, vice president, or cashier of said association, has been transmitted to the Comptroller of the Currency and his certificate obtained specifying the amount of such increase in capital stock and his approval thereof, and that it has been duly paid in as part of the capital of such association: Provided, however, That a national banking association may, with the approval of the Comptroller of the Currency, and by the vote of shareholders owning two-thirds of the stock of such association, increase its capital stock by the declaration of a stock dividend, provided that the surplus of said association, after the approval of the increase, shall be at least equal to 20 per centum of the capital stock as increased. Such increase shall not be effective until a certificate certifying to such declaration of dividend, signed by the president, vice president, or cashier of said association and duly acknowledged before a notary public, shall have been forwarded to the Comptroller of the Currency and his certificate obtained specifying the amount of such increase of capital stock by stock dividend, and his approval thereof.

Notes of Decisions

Cited in 4 cases, 1931–1979 · leading case: Corbin v. Franklin National Bank (In Re Franklin National Bank Securities Litigation)

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Corbin v. Franklin National Bank (In Re Franklin National Bank Securities Litigation) (1979) nyed “The FNB stock could not have been issued prior to the effective date of the Comptroller’s approval and the Comptroller would not have recognized the change in PNB capital as valid prior to that date (Van Horn 542-44, 546; 12 U.S.C. § 57 ; 12 C.P.R. § 14.8). 39. The Comptroller’s…”

Bachman v. First-Mechanics Nat. Bank of Trenton (1947) njd · cites it 2× “” 12 U.S.C.A. § 57 . “Any national banking association may, with the approval of the Comptroller of the Currency, by the vote of shareholders owning two-thirds of the stock of such association, increase its capital stock, in accordance with existing laws, to any sum approved by…”

Benedict v. Anderson (1934) ca6 · cites it 2× “[12 USCA § 57]) embraced a certificate that the increase had been in cash.”

Unaka & City Nat. Bank v. United States (1931) ca6 “[12 USCA §§ 57, 58]); that appellant, by the issuance' of stock, paid for the assets it had acquired from the Unaka Bank through the consolidation; that the stockholders of appellant were the same individuals who had been stockholders in the old, constituent banks.”

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