National banks, the charters of which were extended by the Acts of July 12, 1882, and April 12, 1902, began to expire in July, 1922, making it necessary that some steps should be taken to provide for a further extension of the charters of such banks.
Comptroller Crissinger, therefore, submitted to Congress two bills designed to accomplish this purpose; one providing for a further extension for a period of twenty years in the same manner as had been provided for in the first and second extensions by the previous acts; and the second bill granting perpetual extensions of charters of all existing banks, and providing that future banks should have perpetual charters.
This latter bill was taken up by the House of Representatives and passed, but was amended by the Senate so as to fix the period of the corporate existence of all national banks at ninety-nine years. The bill was passed practically in this form and approved by the President, July 1, 1922.
By this latter act the charters of all national banks in existence July 1, 1922, were automatically extended for the period of ninety-nine years from that date, and the charters of all banks subsequently organized are to be for a like period from the date of their organization.
The granting of a perpetual charter, however, was considered more desirable from the standpoint of banks that were authorized to exercise fiduciary powers.