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12 U.S.C. § 194 — Dividends on adjusted claims; distribution of assets
Federal law — U.S. Code and appendices · legal_authorities
From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held.
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Stable record: federal_law:legal_authorities:record_usc_97b912adb43135130c668f3a
Source file: Laws/federal/codes/united-states-code/title-12/section-194-dividends-on-adjusted-claims-distribution-of-assets--1c03d0ec45.md
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Source location: Title 12, Chapter 2, § 194; chapter-002-national-banks.md
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From time to time, the comptroller shall make a ratable dividend of the money so paid over to him by such receiver on all such claims as may have been proved to his satisfaction or adjudicated in a court of competent jurisdiction, and, as the proceeds of the assets of such association are paid over to him, shall make further dividends on all claims previously proved or adjudicated; and the remainder of the proceeds, if any, shall be paid over to the shareholders of such association, or their legal representatives, in proportion to the stock by them respectively held.
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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.”
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 38
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** Whenever any national banking association shall have been or shall be placed in the hands of a receiver, as provided in section fifty-two hundred and thirty-four [[12 U.S.C. 192](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section192&num=0&edition=prelim)] and other sections of the Revised Statutes of the United States and [section 1821(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/c&num=0&edition=prelim), and when, as provided in [section 194 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section194&num=0&edition=prelim), there has been paid to each and every creditor of such association whose claim or claims as such creditor shall have been proved or allowed as therein prescribed, the full amount of such claims, and all expenses of the receivership, the Comptroller of the Currency or the Federal Deposit Insurance Corporation, where that Corporation has been appointed receiver of the bank, shall call a meeting of the shareholders of the association by giving notice thereof for thirty days in a newspaper published in the town, city, or county where the business of the association was carried on, or if no newspaper is there published, in the newspaper published nearest thereto. At such meeting the shareholders shall determine whether the receiver shall be continued and shall wind up the affairs of the association, or whether an agent shall be elected for that purpose, and in so determining the shareholders shall vote by ballot, in person or by proxy, each share of stock entitling the holder to one vote, and the majority of the stock in number of shares shall be necessary to determine whether the receiver shall be continued, or whether an agent shall
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Federal law — U.S. Code and appendices · legal_authorities
Page 65
TITLE 12—BANKS AND BANKING
§ 197
AMENDMENTS
1994—Pub. L. 103–325 struck out ‘‘has refused to pay
its circulating notes as therein mentioned, and’’ before
‘‘is in default’’.
1959—Pub. L. 86–230 struck out provisions which re-
quired receiver to enforce the personal liability of
shareholders.
1935—Act Aug. 23, 1935, inserted second proviso in sec-
ond par.
Statutory Notes and Related Subsidiaries
APPLICATION TO DISTRICT OF COLUMBIA
Provisions of this section were made applicable to
banks, etc., in the District of Columbia by act Mar. 4,
1933, ch. 274, § 4, 47 Stat. 1567.
INTEREST ON DEPOSITS
So much of existing law requiring the payment of in-
terest with respect to any funds deposited by the
United States or by any public instrumentality, agen-
cy, or officer thereof, as is inconsistent with former
section 371a, sections 371b, 374, 374a, and 461, former sec-
tions 462 to 465, and section 466 of this title, repealed,
see former section 371a of this title.
Executive Documents
TRANSFER OF FUNCTIONS
For transfer of functions to Secretary of the Treas-
ury, see note set out under section 55 of this title.
§ 193. Notice to present claims
The Comptroller shall, upon appointing a re-
ceiver, cause notice to be given, by advertise-
ment in such newspapers as he may direct, for
three consecutive months, calling on all persons
who may have claims against such association
to present the same, and to make legal proof
thereof.
(R.S. § 5235.)
Editorial Notes
CODIFICATION
R.S. § 5235 derived from act June 3, 1864, ch. 106, § 50,
13 Stat. 114, which was part of the National Bank Act.
See section 38 of this title.
Statutory Notes and Related Subsidiaries
APPLICATION TO DISTRICT OF COLUMBIA
Provisions of this section were made applicable to
banks, etc
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 194
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