PUBLIC LAW 106-569—DEC. 27, 2000 114 STAT. 3033 SEC. 1204. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZA- TIONS. The National Bank Consolidation and Merger Act (12 U.S.C. 215 et seq.) is amended— (1) by redesignating section 5 as section 7; and 12 USC 215b. (2) by inserting after section 4 the following new section: "SEC. 5. EXPEDITED PROCEDURES FOR CERTAIN REORGANIZATIONS. 12 USC 215a-2. "(a) IN GENERAL.—^A national bank may, with the approval of the Comptroller, pursuant to rules and regulations promulgated by the Comptroller, and upon the affirmative vote of the shareholders of such bank owning at least two-thirds of its capital stock outstanding, reorganize so as to become a subsidiary of a bank holding company or of a company that will, upon consummation of such reorganization, become a bank holding company. "(b) REORGANIZATION PLAN.— A reorganization authorized under subsection (a) shall be carried out in accordance with a reorganization plan that— "(1) specifies the manner in which the reorganization shall be carried out; "(2) is approved by a majority of the entire board of directors of the national bank; " (3) specifies— "(A) the amount of cash or securities of the bank holding company, or both, or other consideration to be paid to the shareholders of the reorganizing bank in exchange for their shares of stock of the bank; "(B) the date as of which the rights of each shareholder to participate in such exchange will be determined; and "(C) the manner in which the exchange will be carried out; and "(4) is submitted to the shareholders of the reorganizing bank at a meeting to be held on the call of the directors in accordance with the procedures prescribed in connection with a merger of a national bank under section 3. "(c) RIGHTS OF DISSENTING SHAREHOLDERS.— If, pursuant to this section, a reorganization plan has been approved by the shareholders and the Comptroller, any shareholder of the bank who has voted against the reorganization at the meeting referred to in subsection (b)(4), or has given notice in writing at or prior to that meeting to the presiding officer that the shareholder dissents from the reorganization plan, shall be entitled to receive the value of his or her shares, as provided by section 3 for the merger of a national bank. "(d) EFFECT OF REORGANIZATION. — The corporate existence of a national bank that reorganizes in accordance with this section shall not be deemed to have been affected in any way by reason of such reorganization. "(e) APPROVAL UNDER THE BANK HOLDING COMPANY ACT. — This section does not affect in any way the applicability of the Bank Holding Company Act of 1956 to a transaction described in subsection (a).". SEC. 1205. NATIONAL BANK DIRECTORS. (a) AMENDMENTS TO THE REVISED STATUTES. —Section 5145 of the Revised Statutes of the United States (12 U.S.C. 71) is amended—
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