12 USC 83: Loans on or purchase by bank of own stock
Text contains those laws in effect on January 23, 2000
From Title 12-BANKS AND BANKINGCHAPTER 2-NATIONAL BANKSSUBCHAPTER IV-REGULATION OF THE BANKING BUSINESS; POWERS AND DUTIES OF NATIONAL BANKS
§83. Loans on or purchase by bank of own stock
No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, unless such security or purchase shall be necessary to prevent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or disposed of at public or private sale; or, in default thereof, a receiver may be appointed to close up the business of the association, according to section 192 of this title.
(R.S. §5201.)
Codification
R.S. §5201 derived from act June 3, 1864, ch. 106, §35,