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12 U.S.C. § 64a — Individual liability of shareholders; limitation on liability
Federal law — U.S. Code and appendices · legal_authorities
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 11 So in original. Probably should be “fails”. 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 22 So in original. Probably should be “months”. 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.
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Stable record: federal_law:legal_authorities:record_usc_94ea7b611b9671f5e9b2109d
Source file: Laws/federal/codes/united-states-code/title-12/section-64a-individual-liability-of-shareholders-limitation-on-liability--e6d81135b8.md
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Source location: Title 12, Chapter 2, § 64a; chapter-002-national-banks.md
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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 11 So in original. Probably should be “fails”. 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 22 So in original. Probably should be “months”. 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.
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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
### Statutory Notes
Section 63, R.S. § 5151, related to individual liability of shareholders.
Section 64, act Dec. 23, 1913, ch. 6, § 23, 38 Stat. 273, related to transfer of shares as affecting individual liability of shareholders. Limitation on liability of shareholders, see [section 64a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section64a&num=0&edition=prelim).
The status of former [section 63 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section63&num=0&edition=prelim) had been doubtful. At different times it had been held to have been repealed, superseded, and superseded only in part by former [section 64 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section64&num=0&edition=prelim) which related to the same subject. See American T. Co. v. Grut, C.C.A. 1935, 80 F.2d 155; Miller v. Hamner, C.C.A. 1920, 269 F. 891; and First Nat. Bank v. First Nat. Bank, D.C. 1926, 14 F.2d 129.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 63, 64
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, acts June 30, 1876, ch. 156, § 2, 19 Stat. 63; Sept. 3, 1954, ch. 1263, § 22, 68 Stat. 1234, related to enforcement of shareholders’ individual liability by creditors on liquidation. Limitation on liability of shareholders, see [section 64a of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section64a&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 65
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Federal law — U.S. Code and appendices · legal_authorities
Page 38
TITLE 12—BANKS AND BANKING
§ 62
1 So in original. Probably should be ‘‘fails’’.
2 So in original. Probably should be ‘‘months’’.
of the United States and payment of dividends to the
affiliate; and last par. authorization for forfeiture of
rights, privileges, and franchises of national banks.
1959—Subsec. (c). Pub. L. 86–114 authorized the Board
to designate one of the chain of holding company affili-
ates which would have to maintain the 12 percent re-
serve and exempted the other holding company affili-
ates from the requirement.
1954—Subsec. (d). Act Sept. 3, 1954, substituted ‘‘sec-
tion 1005 of Title 18’’ for ‘‘section 592 of this title’’.
1935—Act Aug. 23, 1935, amended first par., first sen-
tence of third par., and inserted ‘‘and the provisions of
this subsection, instead of subsection (b), shall apply to
all holding company affiliates with respect to any
shares of bank stock owned or controlled by them as to
which there is no statutory liability imposed upon the
holders of such bank stock’’ at end of subsec. (c).
1933—Act June 16, 1933, inserted provisions for cumu-
lative voting of shares or distribution of votes on a cu-
mulative voting principle, prohibited national banks
holding their own shares as sole trustee from voting
such shares but permitted such shares to be voted when
held by another person or persons as trustees with the
bank, denied voting rights to shares controlled by a
holding company affiliate of a national bank unless a
voting permit was first obtained, provided for applica-
tion for a voting permit to the Federal Reserve Board,
specified conditions for granting the voting permit and
procedure for its revocation, and authorized the for-
feiture of a National Bank’s rights, privileges, and fran-
chises upon such r
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 64a
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