§ 55. Enforcing payment of deficiency in capital stock; assessments; liquidation; receivership
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Every association which shall have failed to pay up its capital stock, as required by law, and every association whose capital stock shall have become impaired by losses or otherwise, shall, within three months after receiving notice thereof from the Comptroller of the Currency, pay the deficiency in the capital stock, by assessment upon the shareholders pro rata for the amount of capital stock held by each; and the Treasurer of the United States shall withhold the interest upon all bonds held by him in trust for any such association, upon notification from the Comptroller of the Currency, until otherwise notified by him.
If any such association shall fail to pay up its capital stock, and shall refuse to go into liquidation, as provided by law, for three months after receiving notice from the comptroller, a receiver may be appointed to close up the business of the association, according to the provisions of section 192 of this title. And provided, That if any shareholder or shareholders of such bank shall neglect or refuse, after three months’ notice, to pay the assessment, as provided in this section, it shall be the duty of the board of directors to cause a sufficient amount of the capital stock of such shareholder or shareholders to be sold at public auction (after thirty days’ notice shall be given by posting such notice of sale in the office of the bank, and by publishing such notice in a newspaper of the city or town in which the bank is located, or in a newspaper published nearest thereto,) 1 to make good the deficiency, and the balance, if any, shall be returned to such delinquent shareholder or shareholders.
(R.S. § 5205; June 30, 1876, ch. 156, § 4, 19 Stat. 64.)
Connections12 cite this · traces to 2
Cited by 12 sections
U.S. Code
- § 191Appointment of receiver for a national bank
- § 341General enumeration of powers
- § 192Default in payment of circulating notes
- § 467Deposits of gold coin, gold certificates, and Special Drawing Right certificates with United States Treasurer
- § 197Shareholders’ meeting; continuance of receivership; appointment of agent; winding up business; distribution of assets
- § 416Withdrawal of collateral deposited to protect notes and substitution of other collateral; retirement of notes; payment of notes of series prior to 1928; recovery of collateral; reissue of deposited notes
- § 417Custody and safe-keeping of notes issued to and collateral deposited with Reserve agent
- § 121aRedemption of notes unidentifiable as to bank of issue
- § 122aRedeemed notes of unidentifiable issue; funds charged against
- § 1439aDeposits in special fund; availability for all purposes of Federal Home Loan Bank Board and Federal Home Loan Bank Administration
- § 200Payment
- § 199Approval of request
Traces to 2 documents
8 references not yet in our index
- 1
- June 30, 1876, ch. 156, § 4
- 19 Stat. 64
- act Mar. 3, 1873, ch. 269, § 1
- 17 Stat. 603
- act Mar. 4, 1933, ch. 274, § 4
- 47 Stat. 1567
- 64 Stat. 1280
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§ 55
Enforcing payment of deficiency in capital stock; assessments; liquidation; receivership
U.S.C.×12
Cite1
ActJune 30, 1876, ch. 156, § 4
Stat.19 Stat. 64
Actact Mar. 3, 1873, ch. 269, § 1
Stat.17 Stat. 603
Cites 10 · showing 7Cited by 12 across 1 source