12 U.S.C. § 194 — Dividends on adjusted claims; distribution

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former section 371a, sections 371b, 374, 374a, and 461, former sec- tions 462 to 465, and section 466 of this title, repealed, see former section 371a of this title.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., in the District of Columbia by act Mar. 4, 1933, ch. 274, § 4, 47 Stat. 1567. 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. § 194. Dividends on adjusted claims; distribution of assets 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 asso- ciation are paid over to him, shall make further dividends on all claims previously proved or ad- judicated; 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. (R.S. § 5236; Pub. L. 103–325, title VI, § 602(g)(12), Sept. 23, 1994, 108 Stat. 2294.) Editorial Notes CODIFICATION R.S. § 5236 derived from act June 3, 1864, ch. 106, § 50, 13 Stat. 114, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 1994—Pub. L. 103–325 struck out ‘‘, after full provision has been first made for refunding to the United States any deficiency in redeeming the notes of such associa- tion’’ after ‘‘From time to time’’. 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. 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. § 195. Repealed. Pub. L. 103–325, title VI, § 602(e)(36), Sept. 23, 1994, 108 Stat. 2292 Section, R.S. § 5237; Mar. 3, 1911, ch. 231, § 289, 36 Stat. 1167, related to injunction by bank denying failure to redeem notes. § 196. Expenses All expenses of any preliminary or other ex- aminations into the condition of any association shall be paid by such association. All expenses of any receivership shall be paid out of the assets of such association before distribution of the proceeds thereof. (R.S. § 5238; Pub. L. 103–325, title VI, § 602(g)(13), Sept. 23, 1994, 108 Stat. 2294.) Editorial Notes CODIFICATION R.S. § 5238 derived from act June 3, 1864, ch. 106, § 51, 13 Stat. 115, which was the National Bank Act. See sec- tion 38 of this title. AMENDMENTS 1994—Pub. L. 103–325 struck out at beginning ‘‘All fees for protesting the notes issued by any national banking association shall be paid by the person procuring the protest to be made, and such association shall be liable therefor; but no part of the bonds deposited by such as- sociation shall be applied to the payment of such fees.’’ § 197. Shareholders’ meeting; continuance of re- ceivership; appointment of agent; winding up business; distribution of assets (a) Whenever any national banking associa- tion shall have been or shall be placed in the