Individual liability of shareholders; limitation on liability

  1. Law
  2. USC 12
  3. Banks And Banking
  4. NATIONAL BANKS
  5. CAPITAL, STOCK, AND STOCKHOLDERS
  6. Individual liability of shareholders; limitation on liability

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§64a. Individual liability of shareholders; limitation on liability

The additional liability imposed upon shareholders in national banking associations by the provisions of sections 63 and 64 of this title shall not apply with respect to shares in any such association issued after June 16, 1933. Such additional liability shall cease on July 1, 1937, with respect to all shares issued by any association which shall be transacting the business of banking on July 1, 1937: Provided, That not less than six months prior to such date, such association shall have caused notice of such prospective termination of liability to be published in a newspaper published in the city, town, or county in which such association is located, and if no newspaper is published in such city, town, or county, then in a newspaper of general circulation therein. If the association fail 1 to give such notice as and when above provided, a termination of such additional liability may thereafter be accomplished as of the date six month 2 subsequent to publication, in the manner above provided. In the case of each association which has not caused notice of such prospective termination of liability to be published prior to May 18, 1953, the Comptroller of the Currency shall cause such notice to be published in the manner provided in this section, and on the date six months subsequent to such publication by the Comptroller of the Currency such additional liability shall cease.

(June 16, 1933, ch. 89, §22, 48 Stat. 189 ; Aug. 23, 1935, ch. 614, title III, §304, 49 Stat. 708 ; May 18, 1953, ch. 59, §2, 67 Stat. 27 .)

References in Text

Sections 63 and 64 of this title, referred to in text, were repealed by Pub. L. 86–230, §7, Sept. 8, 1959, 73 Stat. 457 .

Amendments

1953-Act May 18, 1953, provided for termination of the additional liability, referred to in the section, by action of the Comptroller of the Currency with regard to those associations which had not, prior to May 18, 1953, caused notice of termination to be published.

1935-Act Aug. 23, 1935, added second and third sentences.

Exception as to Transfer of Functions

Functions vested by any provision of law in Comptroller of the Currency, referred to in this section, not included in transfer of functions to Secretary of the Treasury, see note set out under section 1 of this title.

1 So in original. Probably should be "fails".

2 So in original. Probably should be "months".


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