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12 U.S.C. § 502 — Liability of shareholders of Federal reserve banks on contracts, etc.
Federal law — U.S. Code and appendices · legal_authorities
The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part under the provisions of this chapter.
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Source file: Laws/federal/codes/united-states-code/title-12/section-502-liability-of-shareholders-of-federal-reserve-banks-on-contracts-etc--bbbe685422.md
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Source location: Title 12, Chapter 3, § 502; chapter-003-federal-reserve-system.md
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The shareholders of every Federal reserve bank shall be held individually responsible, equally and ratably, and not one for another, for all contracts, debts, and engagements of such bank to the extent of the amount of their subscriptions to such stock at the par value thereof in addition to the amount subscribed, whether such subscriptions have been paid up in whole or in part under the provisions of this chapter.
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Federal law — U.S. Code and appendices · legal_authorities
The short title of the Act of December 23, 1913, ch. 6, 38 Stat. 251, shall be the “Federal Reserve Act.”
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Federal law — U.S. Code and appendices · legal_authorities
The continental United States, excluding Alaska, shall be divided into not less than eight nor more than twelve districts. Such districts may be readjusted and new districts may from time to time be created by the Board of Governors of the Federal Reserve System, not to exceed twelve in all: Provided, That the districts shall be apportioned with due regard to the convenience and customary course of business and shall not necessarily be coterminous with any State or States. Such districts shall be known as Federal reserve districts and may be designated by number. When the State of Alaska or Hawaii is hereafter admitted to the Union the Federal Reserve 11 Capitalized as in original. districts shall be readjusted by the Board of Governors of the Federal Reserve System in such manner as to include such State. Every national bank in any State shall, upon commencing business or within ninety days after admission into the Union of the State in which it is located, become a member bank of the Federal Reserve System by subscribing and paying for stock in the Federal Reserve bank of its district in accordance with the provisions of this chapter and shall thereupon be an insured bank under the Federal Deposit Insurance Act [[12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) et seq.], and failure to do so shall subject such bank to the penalty provided by [section 501a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section501a&num=0&edition=prelim).
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Federal law — U.S. Code and appendices · legal_authorities
Page 177
TITLE 12—BANKS AND BANKING
§ 504
1 See References in Text note below.
1 So in original. Probably should be followed by a dash.
2 So in original. Probably should be ‘‘such member bank’’.
Statutory Notes and Related Subsidiaries
CHANGE OF NAME
Section 203(a) of act Aug. 23, 1935, changed name of
Federal Reserve Board to Board of Governors of the
Federal Reserve System.
Executive Documents
EXCEPTION AS TO TRANSFER OF FUNCTIONS
Functions vested by any provision of law in Comp-
troller 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.
§ 502. Liability of shareholders of Federal reserve
banks on contracts, etc.
The shareholders of every Federal reserve
bank shall be held individually responsible,
equally and ratably, and not one for another, for
all contracts, debts, and engagements of such
bank to the extent of the amount of their sub-
scriptions to such stock at the par value thereof
in addition to the amount subscribed, whether
such subscriptions have been paid up in whole or
in part under the provisions of this chapter.
(Dec. 23, 1913, ch. 6, § 2 (par.), 38 Stat. 252.)
Editorial Notes
REFERENCES IN TEXT
This chapter, referred to in text, was in the original
‘‘this Act’’, meaning act Dec. 23, 1913, ch. 6, 38 Stat. 251,
known as the Federal Reserve Act. For complete classi-
fication of this Act to the Code, see References in Text
note set out under section 226 of this title and Tables.
CODIFICATION
Section is comprised of the fourth par. of section 2 of
act Dec. 23, 1913. For classification of other pars. of sec-
tion 2 of this Act, see Codification note set out under
section 222 of this title.
§ 503. Liability of directors
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