12 USC 621: Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited
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12 USC 621: Liability of shareholders on unpaid subscriptions; membership of corporation in Federal reserve bank prohibited Text contains those laws in effect on January 4, 1995
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 , and renumbered §25A, Dec. 19, 1991, Pub. L. 102–242, title I, §142(e)(2), 105 Stat. 2281 .)

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 a part of section 25A, formerly section 25(a), which was added to act Dec. 23, 1913, ch. 6, by act Dec. 24, 1919.