12 USC 503: Liability of directors and officers of member banks

12 USC 503: Liability of directors and officers of member banks Text contains those laws in effect on January 23, 2000

From Title 12-BANKS AND BANKINGCHAPTER 3-FEDERAL RESERVE SYSTEMSUBCHAPTER XVI-CIVIL LIABILITY OF FEDERAL RESERVE AND MEMBER BANKS, SHAREHOLDERS, AND OFFICERS

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§503. Liability of directors and officers of member banks

If the directors or officers of any member bank shall knowingly violate or permit any of the agents, officers, or directors of any member bank to violate any of the provisions of sections 375, 375a, 375b, and 376 of this title or regulations of the board made under authority thereof, or any of the provisions of sections 212, 213, 214, 215, 655, 1005, 1014, 1906, or 1909 of title 18, every director and officer participating in or assenting to such violation shall be held liable in his personal and individual capacity for all damages which the member bank, its shareholders, or any other persons shall have sustained in consequence of such violation.

(Dec. 23, 1913, ch. 6, §22(f), as added Sept. 26, 1918, ch. 177, §5, 40 Stat. 971 ; amended Sept. 3, 1954, ch. 1263, §28, 68 Stat. 1236 .)

Codification

In text, "sections 375, 375a, 375b, and 376 of this title" was in the original "this section", meaning section 22 of act Dec. 23, 1913, which was also classified to sections 593 to 599 of this title. Such sections were repealed by act June 25, 1948, ch. 645, §21, 62 Stat. 862 , eff. Sept. 1, 1948, and the provisions thereof were reenacted as sections 217, 218, 219, 220, 655, 1005, 1014, 1906, and 1909 of Title 18, Crimes and Criminal Procedure. Reference to such repealed sections was omitted from the text in view of act Sept. 3, 1954, which amended the text by incorporating therein the reference to the sections of Title 18.

Reference to sections "212, 213, 214, 215" of title 18 were substituted for sections "217, 218, 219, 220" of title 18 on authority of section 1(d) of Pub. L. 87–849, Oct. 23, 1962, 76 Stat. 1125 , which redesignated sections 217, 218, 219, and 220 of title 18 as sections 212, 213, 214, and 215, respectively.

Amendments

1954-Act Sept. 3, 1954, inserted "or any of the provisions of sections 217, 218, 219, 220, 655, 1005, 1014, 1906, or 1909 of title 18,".

Section Referred to in Other Sections

This section is referred to in section 504 of this title.