If a national bank has authority to dissolve it may incorporate under state law. The dissolution is carried out under the national law. Consent in writing of the holders of two-thirds of the capital stock must be obtained in order to make the dissolution effective. A majority of the directors must subscribe and acknowledge an organization certificate. The stockholders' consent and resolution must fix the date when the dissolution as a national bank becomes effective, and they must be filed with the Superintendent of Banks of the state (using New York as an example) before the date of dissolution in order that he may make the required investigation. If all details are complied with and the investigation results favorably, the Superintendent of Banks indorses the organization certificate. As soon as the capital stock has been paid, the required securities deposited with the Superintendent, and the authorization certificate issued, the corporate existence of the state bank begins.