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12 U.S.C. § 501a — Forfeiture of franchise of national banks for failure to comply with provisions of this chapter
Federal law — U.S. Code and appendices · legal_authorities
Should any national banking association in the United States now organized fail within one year after December 23, 1913, to become a member bank or fail to comply with any of the provisions of this chapter applicable thereto, all of the rights, privileges, and franchises of such association granted to it under the national-bank Act [[12 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section21&num=0&edition=prelim) et seq.], or under the provisions of this chapter, shall be thereby forfeited. Any noncompliance with or violation of this chapter shall, however, be determined and adjudged by any court of the United States of competent jurisdiction in a suit brought for that purpose in the district or territory in which such bank is located, under direction of the Board of Governors of the Federal Reserve System, by the Comptroller of the Currency in his own name before the association shall be declared dissolved. In cases of such noncompliance or violation, other than the failure to become a member bank under the provisions of this chapter, every director who participated in or assented to the same shall be held liable in his personal or individual capacity for all damages which said bank, its shareholders, or any other person shall have sustained in consequence of such violation.
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Source file: Laws/federal/codes/united-states-code/title-12/section-501a-forfeiture-of-franchise-of-national-banks-for-failure-to-comply-with-pro--458b3f5563.md
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Source location: Title 12, Chapter 3, § 501a; chapter-003-federal-reserve-system.md
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Should any national banking association in the United States now organized fail within one year after December 23, 1913, to become a member bank or fail to comply with any of the provisions of this chapter applicable thereto, all of the rights, privileges, and franchises of such association granted to it under the national-bank Act [[12 U.S.C. 21](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section21&num=0&edition=prelim) et seq.], or under the provisions of this chapter, shall be thereby forfeited. Any noncompliance with or violation of this chapter shall, however, be determined and adjudged by any court of the United States of competent jurisdiction in a suit brought for that purpose in the district or territory in which such bank is located, under direction of the Board of Governors of the Federal Reserve System, by the Comptroller of the Currency in his own name before the association shall be declared dissolved. In cases of such noncompliance or violation, other than the failure to become a member bank under the provisions of this chapter, every director who participated in or assented to the same shall be held liable in his personal or individual capacity for all damages which said bank, its shareholders, or any other person shall have sustained in consequence of such violation.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of the Comptroller of the Currency established** There is established in the Department of the Treasury a bureau to be known as the “Office of the Comptroller of the Currency” which is charged with assuring the safety and soundness of, and compliance with laws and regulations, fair access to financial services, and fair treatment of customers by, the institutions and other persons subject to its jurisdiction.
**(b) Comptroller of the Currency**
(1) **In general** — The chief officer of the Office of the Comptroller of the Currency shall be known as the Comptroller of the Currency. The Comptroller of the Currency shall perform the duties of the Comptroller of the Currency under the general direction of the Secretary of the Treasury. The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Comptroller of the Currency, and may not intervene in any matter or proceeding before the Comptroller of the Currency (including agency enforcement actions), unless otherwise specifically provided by law.
(2) **Additional authority** — The Comptroller of the Currency shall have the same authority with respect to functions transferred to the Comptroller of the Currency under the Enhancing Financial Institution Safety and Soundness Act of 2010 as was vested in the Director of the Office of Thrift Supervision on the transfer date, as defined in section 311 of that Act [[12 U.S.C. 5411](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5411&num=0&edition=prelim)].
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
The Act entitled “An Act to provide a national currency secured by a pledge of United States bonds, and to provide for the circulation and redemption thereof,” approved June 3, 1864, shall be known as “The National Bank Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Associations for carrying on the business of banking under title 62 of the Revised Statutes may be formed by any number of natural persons, not less in any case than five. They shall enter into articles of association, which shall specify in general terms the object for which the association is formed, and may contain any other provisions, not inconsistent with law, which the association may see fit to adopt for the regulation of its business and the conduct of its affairs. These articles shall be signed by the persons uniting to form the association, and a copy of them shall be forwarded to the Comptroller of the Currency, to be filed and preserved in his office.
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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
**(a) Reports of condition; access to reports**
(1) Each insured State nonmember bank and each foreign bank having an insured branch which is not a Federal branch shall make to the Corporation reports of condition which shall be in such form and shall contain such information as the Board of Directors may require. Such reports shall be made to the Corporation on the dates selected as provided in paragraph (3) of this subsection and the deposit liabilities shall be reported therein in accordance with and pursuant to paragraphs (4) and (5) of this subsection. The Board of Directors may call for additional reports of condition on dates to be fixed by it and may call for such other reports as the Board may from time to time require. Any such bank which (A) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, or (B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or misleading information is not corrected. Such bank shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late. Any such bank which fails to make or publish any report required under this paragraph, within the period of time specified by the Corporation, or submits or publishes any false or misleading report or information, in a manner not described in the 2nd preceding sentence shall be subject to a penalty of not more than $20,000 for each d
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1817
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Federal law — U.S. Code and appendices · legal_authorities
Page 8
TITLE 12—BANKS AND BANKING
§ 21
Sec.
178.
Repealed.
SUBCHAPTER XII—VOLUNTARY DISSOLUTION
181.
Voluntary dissolution; appointment and re-
moval of liquidating agent or committee;
examination.
182.
Notice of intent to dissolve.
183 to 186. Repealed.
SUBCHAPTER XIII—RECEIVERSHIP
191.
Appointment of receiver for a national bank.
192.
Default in payment of circulating notes.
193.
Notice to present claims.
194.
Dividends on adjusted claims; distribution of
assets.
195.
Repealed.
196.
Expenses.
197.
Shareholders’ meeting; continuance of receiv-
ership; appointment of agent; winding up
business; distribution of assets.
197a.
Resumption of business by closed bank on
consent of depositors.
198.
Purchase by receiver of property of bank; re-
quest to Comptroller.
199.
Approval of request.
200.
Payment.
SUBCHAPTER XIV—BANK CONSERVATION ACT
201.
Short title.
202.
Definitions.
203.
Appointment of conservator.
204.
Examinations.
205.
Termination of conservatorship.
206.
Conservator; powers and duties.
207, 208.
Repealed.
209.
Liability protection.
210.
Governmental powers unimpaired.
211.
Rules and regulations.
212.
Right to amend; separability.
213.
Transferred.
SUBCHAPTER XV—CONVERSION OF NATIONAL
BANKS INTO STATE BANKS
214.
Definitions.
214a.
Procedure for conversion, merger, or consoli-
dation; vote of stockholders.
214b.
Continuation of business and corporate enti-
ty.
214c.
Conversions in contravention of State law.
214d.
Prohibition on conversion.
SUBCHAPTER XVI—CONSOLIDATION AND
MERGER
215.
Consolidation of banks within same State.
215a.
Merger of national banks or State banks into
national banks.
215a–1.
Interstate consolidations and mergers.
215a–2.
Expedited procedures for certain reorg
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 21
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Federal law — U.S. Code and appendices · legal_authorities
Page 176
TITLE 12—BANKS AND BANKING
§ 501
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.
SUBCHAPTER
XVI—CIVIL
LIABILITY
OF
FEDERAL
RESERVE
AND
MEMBER
BANKS, SHAREHOLDERS, AND OFFICERS
§ 501. Liability of Federal reserve or member
bank for certifying check when amount of
deposit was inadequate
It shall be unlawful for any officer, director,
agent, or employee of any Federal reserve bank,
or any member bank as defined in this chapter,
to certify any check drawn upon such Federal
reserve bank or member bank unless the person,
firm, or corporation drawing the check has on
deposit with such Federal reserve bank or mem-
ber bank, at the time such check is certified, an
amount of money not less than the amount spec-
ified in such check. Any check so certified by a
duly authorized officer, director, agent, or em-
ployee shall be a good and valid obligation
against such Federal reserve bank or member
bank; but the act of any officer, director, agent,
or employee of any such Federal reserve bank or
member bank in violation of this section shall,
in the discretion of the Board of Governors of
the Federal Reserve System, subject such Fed-
eral reserve bank to the penalties imposed by
subsection (h) of section 248 of this title, and
shall subject such member banks, if a national
bank, to the liability and proceedings on the
part of the Comptroller of the Currency provided
for in section 192 of this title, and shall, in the
discretion of the Board of Governors of the Fed-
eral Reserve System, subject any other member
ban
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 501a
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