12 U.S.C. § 82 — Repealed. Pub. L. 97–320, title IV, § 402, Oct

Page 42 TITLE 12—BANKS AND BANKING § 81 Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF REPEAL Repeal effective 120 days after Nov. 12, 1999, see sec- tion 161 of Pub. L. 106–102, set out as an Effective Date of 1999 Amendment note under section 24 of this title. SUBCHAPTER IV—REGULATION OF THE BANKING BUSINESS; POWERS AND DU- TIES OF NATIONAL BANKS § 81. Place of business The general business of each national banking association shall be transacted in the place spec- ified in its organization certificate and in the branch or branches, if any, established or main- tained by it in accordance with the provisions of section 36 of this title. (R.S. § 5190; Feb. 25, 1927, ch. 191, § 8, 44 Stat. 1229.) Editorial Notes CODIFICATION R.S. § 5190 derived from act June 3, 1864, ch. 106, § 8, 13 Stat. 101, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 1927—Act Feb. 25, 1927, among other changes, inserted ‘‘and in the branch or branches, if any, established or maintained by it in accordance with the provisions of section 36 of this title’’. § 82. Repealed. Pub. L. 97–320, title IV, § 402, Oct. 15, 1982, 96 Stat. 1510 Section, R.S. § 5202; Dec. 23, 1913, ch. 6, § 13 (par.), 38 Stat. 264; Sept. 7, 1916, ch. 461, 39 Stat. 753; Apr. 5, 1918, ch. 45, § 20, 40 Stat. 512; Oct. 22, 1919, ch. 79, § 2, 41 Stat. 297; Mar. 4, 1923, ch. 252, title V, § 504, 42 Stat. 1481; Feb. 25, 1927, ch. 191, § 11, 44 Stat. 1231; Jan. 22, 1932, ch. 8, § 5, formerly § 6, 47 Stat. 8, renumbered and amended June 30, 1947, ch. 166, title I, § 1, 61 Stat. 202; May 20, 1933, ch. 35, § 2, 48 Stat. 73; June 19, 1934, ch. 653, § 2, 48 Stat. 1107; Sept. 8, 1959, Pub. L. 86–230, § 10, 73 Stat. 458; Sept. 9, 1959, Pub. L. 86–251, § 2, 73 Stat. 488; July 24, 1970, Pub. L. 91–351, title II, § 201(b), 84 Stat. 451; Jan. 4, 1975, Pub. L. 93–646, § 11, 88 Stat. 2337, provided that no national banking association could at any time be indebted, or in any way liable, to an amount exceeding the amount of its capital stock at such time actually paid in and remaining undiminished by losses or otherwise, plus 50 percent of the amount of its unimpaired surplus fund, except on account of demands of the nature following: notes of circulation; moneys deposited with or col- lected by the association; bills of exchange or drafts drawn against money actually on deposit to the credit of the association, or due thereto; liabilities to the stockholders of the association for dividends and re- serve profits; liabilities incurred under the provisions of the Federal Reserve Act; liabilities incurred under the provisions of the Federal Deposit Insurance Act [12 U.S.C. 1811 et seq.]; liabilities created by the indorsement of accepted bills of exchange payable abroad actually owned by the indorsing bank and dis- counted at home or abroad; liabilities incurred under the provisions of sections 1031 to 1033 of this title; li- abilities incurred on account of loans made with the ex- press approval of the Comptroller of the Currency under former section 84(9) of this title; liabilities in- curred under the provisions of section 352a of this title; liabilities incurred in connection with sales of mort- gages, or participations therein, to the Federal Na- tional Mortgage Association or the Federal Home Loan Mortgage Corporation; and liabilities incurred in bor- rowing from the Export-Import Bank of the United States. § 83. Loans by bank on its own stock (a) General prohibition No national bank shall make any loan or dis- count on the security of the shares of its own capital stock. (b) Exclusion For purposes of this section, a national bank shall not be deemed to be making a loan or dis- count on the security of the shares of its own capital stock if it acquires the stock to prevent loss upon a debt previously contracted for in good faith. (R.S. § 5201; Pub. L. 106–569, title XII, § 1207(a), Dec. 27, 2000, 114 Stat. 3034.) Editorial Notes CODIFICATION R.S. § 5201 derived from act June 3, 1864, ch. 106, § 35, 13 Stat. 110, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 2000—Pub. L. 106–569 amended section catchline and text generally. Prior to amendment, text read as fol- lows: ‘‘No association shall make any loan or discount on the security of the shares of its own capital stock, nor be the purchaser or holder of any such shares, un- less such security or purchase shall be necessary to pre- vent loss upon a debt previously contracted in good faith; and stock so purchased or acquired shall, within six months from the time of its purchase, be sold or dis- posed of at public or private sale; or, in default thereof, a receiver may be appointed to close up the business of the association, according to section 192 of this title.’’ § 84. Lending limits (a) Total loans and extensions of credit (1) The total loans and extensions of credit by a national banking association to a person out- standing at one time and not fully secured, as determined in a manner consistent with para- graph (2) of this subsection, by collateral having a market value at least equal to the amount of the loan or extension of credit shall not exceed 15 per centum of the unimpaired capital and unimpaired surplus of the association. (2) The total loans and extensions of credit by a national banking association to a person out- standing at one time and fully secured by read- ily marketable collateral having a market value, as determined by reliable and continu- ously available price quotations, at least equal to the amount of the funds outstanding shall not exceed 10 per centum of the unimpaired capital and unimpaired surplus of the association. This limitation shall be separate from and in addi- tion to the limitation contained in paragraph (1) of this subsection. (b) Definitions For the purposes of this section— (1) the term ‘‘loans and extensions of credit’’ shall include— (A) all direct or indirect advances of funds to a person made on the basis of any obliga- tion of that person to repay the funds or re- payable from specific property pledged by or on behalf of the person; (B) to the extent specified by the Comp- troller of the Currency, any liability of a na-