12 USC § 628 - Extension of corporate existence

---
identifier: "/us/usc/t12/s628"
source: "usc"
legal_status: "official_prima_facie"
title: "12 USC § 628 - Extension of corporate existence"
title_number: 12
title_name: "BANKS AND BANKING"
section_number: "628"
section_name: "Extension of corporate existence"
chapter_number: 6
chapter_name: "FOREIGN BANKING"
subchapter_number: "II"
subchapter_name: "ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING"
positive_law: false
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)"
---


# § 628. Extension of corporate existence

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.

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**Source Credit**: (Dec. 23, 1913, ch. 6, § 25A (par.), formerly § 25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378; amended Aug. 23, 1935, ch. 614, title II, § 203(a), 49 Stat. 704; renumbered § 25A, Pub. L. 102–242, title I, § 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.)

## Editorial Notes

### References in Text

This subchapter, referred to in text, was in the original “this section”, meaning section 25A of act , which is classified to this subchapter (§ 611 et seq.).

### Codification

Section is comprised of par. 20 (undesignated) of section 25A of act , which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under .

## Statutory Notes and Related Subsidiaries

### Change of Name

Section 203(a) of act , changed name of Federal Reserve Board to Board of Governors of the Federal Reserve System.