12 USC 621: Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited

12 USC 621: Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited Text contains those laws in effect on November 3, 2024

From Title 12-BANKS AND BANKINGCHAPTER 6-FOREIGN BANKINGSUBCHAPTER II-ORGANIZATION OF CORPORATIONS TO DO FOREIGN BANKING

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§621. Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited

Shareholders in any corporation organized under the provisions of this subchapter shall be liable for the amount of their unpaid stock subscriptions. No such corporation shall become a member of any Federal reserve bank.

(Dec. 23, 1913, ch. 6, §25A (par.), formerly §25(a), as added Dec. 24, 1919, ch. 18, 41 Stat. 378 ; 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 Dec. 23, 1913, which is classified to this subchapter (§611 et seq.).

Codification

Section is comprised of par. 13 (undesignated) of section 25A of act Dec. 23, 1913, which comprises this subchapter. For complete classification of section 25A of this Act, see Codification note set out under section 611 of this title.