Act of July 12, 1882, 22 Stat. 162, provides: That any national banking association may, at any time within the two years next previous to the date of the expiration of its corporate existence under present law, and with the approval of the Comptroller of the Currency, to be granted as hereinafter provided, extend its period of succession by amending its articles of association for a term of not more than twenty years from the expiration of the period of succession named in said articles of association, and shall have succession for such extended period, unless sooner dissolved by the act of shareholders owning two-thirds of its capital stock, or unless its franchise becomes forfeited by some violation of law, or unless hereafter modified and repealed.

Sec. 2. That such amendment of said articles of association shall be authorized by the consent in writing of the shareholders owning not less than two-thirds of the capital stock of the association; and the board of directors shall cause such consent to be certified under the seal of the association, by its president, or cashier, to the Comptroller of the Currency, accompanied by an application made by the president or cashier for the approval of the amended articles of association by the Comptroller: and such amended articles of association shall not be valid until the Comptroller shall give to such association a certificate under his hand and seal that the association has complied with all the provisions required to be complied with, and is authorized to have succession for the extended period named in the amended articles of association.

Sec. 3. That upon the receipt of the application of a certificate of the association, provided for in the preceding section, the Comptroller of the Currency shall cause a special examination to be made, at the expense of the association, to determine its condition; and if after such examination or otherwise it appears to him that said association is in a satisfactory condition, he shall grant his certificate of approval provided for in the preceding section, or if it appears that the condition of said association is not satisfactory, he shall withhold such certificate of approval.

Sec. 4. That any association so extending the period of its succession, shall continue to enjoy all the rights and privileges and immunities granted, and shall continue to be subject to all the duties, liabilities and restrictions imposed by the Revised Statutes of the United States and other acts having reference to national banking associations, and it shall continue to be in all respects the identical association it was before the extension of its period of succession: Provided, however, that the jurisdiction for suits hereafter brought by or against any association established under any law providing for national banking associations, except suits between them and the United States, or its officers and agents, shall be the same as, and not other than, the jurisdiction for suits by or against banks not organized under any law of the United States which do or might do banking business where such national banking associations may be doing business when such suits may be begun; and all laws and parts of laws of the United States inconsistent with this proviso be, and the same are hereby repealed.

Sec. 5. That when any national banking association has amended its articled of association as provided in this act, and the Comptroller has granted his certificate of approval, any shareholder not assenting to such amendment, may give notice in writing to the directors within thirty days from the date of the certificate of approval, of his desire to withdraw from said association, in which case he shall be entitled to receive from said banking association the value of the shares so held by him, to be ascertained by an appraisal made by a committee of three persons, one to be selected by such shareholder, one by the directors, and the third by the first two; and in case the value so fixed shall not be satisfactory to any such shareholder, he may appeal to the Comptroller of the Currency, who shall cause a re-appraisal to be made, which shall be final and binding; and if said re-appraisal shall exceed the value fixed by said committee, the bank shall pay said expenses, and the value so ascertained and determined shall be deemed to be a debt due, and be forthwith paid to said shareholder from said bank; and the shares so surrendered and appraised shall, after due notice, be sold at public sale, within thirty days after the final appraisal provided in this section:

Provided, that in the organization of any banking association intended to replace any existing banking association, and retaining the name thereof, the holders of stock in the expiring association shall be entitled to preference in the allotment of the shares in the new association in proportion to the number of shares held by them respectively in the ex piring association.

Sec. 6 provides for the redemption of the circulating notes of the bank securing an extension.

Sec. 7. That national banking associations whose corporate existence has expired or shall hereafter expire, and which do not avail themselves of the provisions of this act, shall be required to comply with the provisions of Revised Statutes, Sec. Sec. 5221 and 5222, in the same manner as if the shareholders had voted to go into liquidation, as provided in the Revised Statutes, Sec. 5220; and the provisions of the Revised Statutes, Sec. Sec. 5224 and 5225, shall also be applicable to such associations, except as modified by this act; and the franchise of such association is hereby extended for the sole purpose of liquidating their affairs until such affairs are finally closed.

Sec. 8. That national banks now organized or hereafter organized, having a capital of one hundred and fifty thousand dollars or less, shall not be required to keep on deposit or deposited with the Treasurer of the United States, bonds in excess of one quarter of their capital stock as security for their circulating notes; but such banks shall keep on deposit or deposited with the Treasurer of the United States the amount of bonds as herein required. And such of those banks having on deposit boads in excess of that amount, are authorized to reduce their circulation by the deposit of lawful money as provided by law: Provided that the amount of such circulation shall not in any case exceed ninety per centum of the par value of the bonds deposited as herein provided: Provided further, that the national banks which shall hereafter make deposits of lawful money for the retirement in full of circulating notes shall at the time of their deposit be assessed for the cost of transporting and redeeming their notes then outstanding, a sum equal to the average cost of redemption of national bank notes during the preceding year, and shall thereupon pay such assessment. And all national banks which have heretofore made or shall hereafter make deposits of lawful money for the redemption of their circulation shall be assessed and pay such assessment in the manner specified in section three of the act approved June 20, 1874, for the cost of transporting and redeeming their notes redeemed from such deposits subsequently to June 30, 1881.