Authority Over the Trust Powers of National Banks and National Bank Branches: Hearing Before Subcommittee No. 1 of the Committee on Banking and Currency, House of Representatives, Eighty-seventh Congress, Second Session, on H.R. 12577 ... and H.R. 12825 ... (H.R. 12825 Superseded by H.R. 12899) August 14, 1962U.S. Government Printing Office, 1962 - 22 pages |
Common terms and phrases
amend section 5155 American Bankers Association apply ARY OF CONGRESS BARRETT Board of Governors BRENT SPENCE CHAIRMAN CLERK collective investment common trust funds Comptroller CONGRE LIBRARY CONGRESS LIBRARY CONGRESS THE LIBRARY consolidation or merger continued operation conversion or consolidation Corporation Currency approves Currency for continued dual banking system enactment exchanges of capital February 25 Federal Reserve Act Federal Reserve Board Federal Reserve System Financial Institutions Act further questions gains and losses GUNTHER identically situated Internal Revenue Code jurisdiction LIBRARY OF CONGRES LIBRARY OF CONGRESS member banks MOOREHEAD of Ohio MOORHEAD of Pennsylvania MYERS national banking system participant permit place authority powers of national private or court proportionate share provisions regulation F relating to bank resulting bank resulting national bank retained upon conversion Revised Statutes relating sales or exchanges SAXON section 11(k section 584 SOLOMON subcommittee supervision tax exemption taxable income Thank trust department trust powers Wolcott
Popular passages
Page 1 - Whenever the laws of such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting to and the exercise of such powers by national banks shall not be deemed to be in contravention of State or local law within the meaning of this Act.
Page 2 - Whenever the laws of a State require corporations acting in a fiduciary capacity to deposit securities with the State authorities for the protection of private or court trusts...
Page 2 - In passing upon applications for permission to exercise the powers enumerated in this subsection, the Federal Reserve Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly...
Page 2 - Board may take into consideration the amount of capital and surplus of the applying bank, whether or not such capital and surplus is sufficient under the circumstances of the case, the needs of the community to be served, and any other facts and circumstances that seem to it proper, and may grant or refuse the application accordingly: Provided, That no permit shall be issued to any national banking association having a capital and surplus less than the capital and surplus required by State law of...
Page 2 - Currency shall be authorized and empowered to grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, committee of estates of lunatics, or in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the...
Page 22 - The taxable income of a common trust fund shall be computed in the same manner and on the same basis as in the case of an individual...
Page 21 - common trust fund" means a fund maintained by a bank (as defined in section 104) — (1) exclusively for the collective investment and reinvestment of moneys contributed thereto by the bank in its capacity as a trustee, executor, administrator, or guardian...
Page 3 - Union, and ordered to be printed [Omit the part struck through and Insert the part printed In italic...
Page 1 - National banks exercising any or all of the powers enumerated in this subsection shall segregate all assets held in any fiduciary capacity from the general assets of the bank...
Page 19 - Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) the Comptroller of the Currency...