§ 59. Reduction of capital

423 words·~2 min read·/usc/title-12/section-59

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(a)In general Subject to the approval of the Comptroller of the Currency, a national banking association may, by a vote of shareholders owning, in the aggregate, two-thirds of its capital stock, reduce its capital.

(b)Shareholder distributions authorized As part of its capital reduction plan approved in accordance with subsection (a), and with the affirmative vote of shareholders owning at least two thirds of the shares of each class of its stock outstanding (each voting as a class), a national banking association may distribute cash or other assets to its shareholders.

(R.S. § 5143; Dec. 23, 1913, ch. 6, § 28, 38 Stat. 274; Aug. 23, 1935, ch. 614, title III, § 334, 49 Stat. 720; Pub. L. 109–351, title III, § 304, Oct. 13, 2006, 120 Stat. 1970.)

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Cited by 23 sections · top 9

U.S. Code

§ 56
Prohibition on withdrawal of capital; unearned dividends

CFR

statutes-at-large

Public Law 109–351
To provide regulatory relief and improve productivity for insured depository institutions, and for other purposes

Traces to 1 document

U.S. Code

The National Bank Act
§ 38

9 references not yet in our index

Dec. 23, 1913, ch. 6, § 28
38 Stat. 274
Aug. 23, 1935, ch. 614
49 Stat. 720
Pub. L. 109–351, title III, § 304
120 Stat. 1970
act June 3, 1864, ch. 106, § 13
13 Stat. 103
Pub. L. 109–351

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cites case law

§ 59

Reduction of capital

Fed. Reg.×17

C.F.R.×4

Stat.×1

U.S.C.×1

U.S.C.§ 38

ActDec. 23, 1913, ch. 6, § 28

Stat.38 Stat. 274

ActAug. 23, 1935, ch. 614

Stat.49 Stat. 720

Pub. L.Pub. L. 109–351, title III, § 304

Cites 10 · showing 6Cited by 23 across 4 sources