§ 51b. Dividends, voting, and retirement of preferred stock; individual liability
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(a)Notwithstanding any other provision of law, whether relating to restriction upon the payment of dividends upon capital stock or otherwise, the holders of such preferred stock shall be entitled to receive such cumulative dividends and shall have such voting and conversion rights and such control of management, and such stock shall be subject to retirement in such manner and upon such conditions, as may be provided in the articles of association with the approval of the Comptroller of the Currency. The holders of such preferred stock shall not be held individually responsible as such holders for any debts, contracts, or engagements of such association, and shall not be liable for assessments to restore impairments in the capital of such association as now provided by law with reference to holders of common stock.
(b)No dividends shall be declared or paid on common stock until the cumulative dividends on the preferred stock shall have been paid in full; and, if the association is placed in voluntary liquidation or a conservator or a receiver is appointed therefor, no payments shall be made to the holders of the common stock until the holders of the preferred stock shall have been paid in full the par value of such stock plus all accumulated dividends.
(Mar. 9, 1933, ch. 1, title III, § 302, 48 Stat. 5; June 15, 1933, ch. 79, 48 Stat. 148; Pub. L. 96–221, title VII, § 702, Mar. 31, 1980, 94 Stat. 186.)
Connections9 cite this · traces to 1
Cited by 9 sections
U.S. Code
- § 61Shareholders’ voting rights; cumulative and distributive voting; preferred stock; trust shares; proxies, liability restrictions; percentage requirement exclusion of trust shares
- § 203Appointment of conservator
- § 211Rules and regulations
- § 51c“Common stock”, “capital”, and “capital stock” defined
- § 212Right to amend; separability
statutes-at-large
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7 references not yet in our index
- Mar. 9, 1933, ch. 1
- 48 Stat. 5
- June 15, 1933, ch. 79
- 48 Stat. 148
- Pub. L. 96–221, title VII, § 702
- 94 Stat. 186
- Pub. L. 96–221
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§ 51b
Dividends, voting, and retirement of preferred stock; individual liability
U.S.C.×5
Fed. Reg.×2
Stat.×2
ActMar. 9, 1933, ch. 1
Stat.48 Stat. 5
ActJune 15, 1933, ch. 79
Stat.48 Stat. 148
Pub. L.Pub. L. 96–221, title VII, § 702
Cites 8 · showing 6Cited by 9 across 3 sources